Officials tell Varadkar banks must not be allowed to ‘strangle’ €2bn loan scheme

Officials warned Tánaiste of the dangers that the new Credit Guarantee Scheme for small and medium businesses could be stymied by the banks ahead of a meeting with the banks‘ bosses last month

Aiden Corkery

Political Correspondent @aiden_corkery
23rd August, 2020
Officials tell Varadkar banks must not be allowed to ‘strangle’ €2bn loan scheme
Leo Varadkar had told RTÉ that he “doesn’t fully trust” what the banks tell him and accused them of talking down to ministers with “regulatory gobbledygook”.

The country’s banks must be warned not to “strangle” the new Credit Guarantee Scheme in red tape as they had with similar schemes in the past, Leo Varadkar’s officials advised him ahead of a meeting with the banks‘ bosses last month.

The new €2 billion loan scheme, which is aimed at small and medium sized businesses, will offer low-cost loans of between €10,000 and €1 million to companies...

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