Honohan criticised credit guarantees schemes

Small business credit guarantee schemes often carry large hidden costs, according to a conference presentation given by Patrick Honohan in 2008.

14th April, 2012
Honohan criticised credit guarantees schemes
Patrick Honohan, governor of the Central Bank of Ireland. Photo: Crispin Rodwell/Bloomberg

Small business credit guarantee schemes often carry large, hidden costs and are introduced for their political attractions, according to a conference presentation given by Patrick Honohan in 2008, before he became Central Bank governor.

In a talk at the Conference on Partial Credit Guarantees in Washington in March 2008, Honohan warned that the case for government credit guarantees is not backed by substantial evidence that they actually work and that cost-benefit analyses of the schemes was...

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