Loan Guarantee Schemes Agreements (Strategic Banking Corporation of Ireland) Act 2021
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Powers for relevant Ministers to enter into agreements with Strategic Banking Corporation of Ireland | ||
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2. (1) One or both relevant Ministers may, with the consent of the Minister for Finance and the Minister for Public Expenditure and Reform, enter into one or more agreements (each of which is, in this section, referred to as an “agreement”) with the Strategic Banking Corporation of Ireland for the purpose of facilitating access to finance for qualifying enterprises. | ||
(2) Subject to subsection (3), an agreement shall be subject to such conditions as may be specified in the agreement and may include a condition that a relevant Minister who is a party to the agreement shall provide a contribution committed for the purposes of the agreement concerned. | ||
(3) A relevant Minister shall not exercise the powers conferred on him or her by subsection (1) in such manner as would result in the aggregate of the liability in respect of contributions committed under all agreements (that is, regardless of which relevant Minister is a party to the agreement concerned) for the time being in force exceeding €50 million. | ||
(4) A relevant Minister who is a party to an agreement shall discharge any fees, costs and expenses payable under the agreement. | ||
(5) In this section— | ||
“branch” has the same meaning as it has in Commission Regulation (EU) 651/2014 of 17 June 20141 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty, and includes an establishment within the meaning of that Regulation; | ||
“Commission Recommendation” means Commission Recommendation (2003/361/EC) of 6 May 20032 concerning the definition of micro, small and medium-sized enterprises; | ||
“contribution committed” means the amount of funding committed by a relevant Minister to the Strategic Banking Corporation of Ireland under an agreement; | ||
“qualifying enterprise” means— | ||
(a) an SME established, or with a branch, in the State, or | ||
(b) a small mid-cap established, or with a branch, in the State; | ||
“small mid-cap” means an enterprise within the meaning of Article 1 of Title I of the Annex to the Commission Recommendation which— | ||
(a) has not more than 499 employees calculated in accordance with Articles 3, 4, 5 and 6 of Title I of the Annex of the Commission Recommendation, and | ||
(b) is not an SME; | ||
“SME” means a micro, small or medium-sized enterprise within the meaning of the Commission Recommendation; | ||
“Strategic Banking Corporation of Ireland” means the company formed pursuant to the Strategic Banking Corporation of Ireland Act 2014 and known by that name. | ||