Credit Guarantee Scheme 2017.
Statutory Instruments
Source: Statutory Instruments

num: 1
paragraphs: Citation
num: 2
paragraphs: Commencement
num: 3
paragraphs: Interpretation and Definitions
num: 4
paragraphs: Overview of the Credit Guarantee Scheme
num: 4
paragraphs: 1 Objectives of the Credit Guarantee Scheme
num: 4
paragraphs: 2 Powers of Minister
num: 4
paragraphs: 3 Facility and Guarantee Term
num: 4
paragraphs: 4 Financial Product Values
num: 4
paragraphs: 5 Eligible Credit
num: 4
paragraphs: 6 Portfolio Approach
num: 4
paragraphs: 7 Premium Charge
num: 4
paragraphs: 8 De Minimis State Aid
num: 4
paragraphs: 9 Data Protection
num: 5
paragraphs: Approval of finance providers to this Scheme
num: 5
paragraphs: 1 Participating Finance Provider’s Legal Agreement
num: 5
paragraphs: 2 Review Process
num: 5
paragraphs: 3 Recommendation by Operator
S.I. No. 70 of 2017
CREDIT GUARANTEE SCHEME 2017
Notice of the making of this Statutory Instrument was published in
“Iris OifigiÃºil” of 10th March, 2017.
I, Pat Breen, Minister of State at the Department of Jobs, Enterprise and Innovation, in exercise of the powers conferred on me by section 5 of the Credit Guarantee Acts 2012 and 2016 (No. 26 of 2012 and No. 1 of 2016), with the consent of the Minister for Public Expenditure and Reform and the Minister for Finance, hereby make the following Scheme.
num: 1
paragraphs: Citation:
This Scheme may be cited as the Credit Guarantee Scheme 2017.
num: 2
paragraphs: Commencement:
This Scheme shall come into operation on the day of its making.
num: 3
paragraphs: Interpretation and Definitions
In this Scheme:
any word or expression used in this Scheme and also used in the Acts has, unless the contrary intention appears, the same meaning in this Scheme as it has in the Acts;
references in this Scheme to a “Section” are references to Sections of this Scheme, unless otherwise specifically provided;
“the Acts” as used in this Scheme means the Credit Guarantee Acts 2012 and 2016;
“Co-Operation Agreement” the agreement dated in or around 13 October 2016 between (1) the Minister for Jobs, Enterprise and Innovation and (2) the Strategic Banking Corporation of Ireland, made pursuant to Section 7 of the Acts, and which said agreement is in force as at the Commencement Date;
“DPA” means the Data Protection Act 1988 and the Data Protection (Amendment) Act 2003 , as re-enacted, amended or replaced from time to time including, but not limited to, the GDPR;
“finance agreement” means—
a) a loan agreement,
b) a credit facility agreement,
c) an asset credit facility agreement, or
d) an invoice finance facility agreement;
“finance provider” means a person who, in the ordinary course of business—
a) provides financial products to qualifying enterprises,
b) arranges for the provision by other persons of financial products to qualifying enterprises, or
c) provides facilities for the provision on credit of goods or services by the person to qualifying enterprises,
but does not include a person who is prohibited under the law of the State or any other state from engaging in any of the activities specified in the foregoing paragraphs, and references to the provision of a financial product shall be construed accordingly;
“financial product” means—
a) a loan,
b) a credit facility,
c) an asset credit facility, or
d) an invoice finance facility,
provided to a qualifying enterprise under a finance agreement;
“GDPR” means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC;
“invoice finance facility agreement” means an agreement under which a participating finance provider agrees to give or advance to a qualifying enterprise a sum or sums of money in consideration of that qualifying enterprise assigning to the participating finance provider the right to recover debts owed to that qualifying enterprise, and ‘invoice finance facility’ shall be construed accordingly;
“Operator” means the Strategic Banking Corporation of Ireland, a private company limited by shares established pursuant to the Strategic Banking Corporation of Ireland Act 2014 and incorporated with registered number 549539, being the entity appointed for the time being by the Minister pursuant to the Co-Operation Agreement to, inter alia, perform the functions of the Operator as set out in all Schemes made under the Acts, or such other entity as may be appointed by the Minister pursuant to Section 7 of the Acts from time to time;
“Operating Manual” means the operating manual which sets out the procedures upon which this Scheme will operate as between the Operator and a participating finance provider;
“participating enterprise” means a qualifying enterprise—
a) belonging to a class to which a credit guarantee scheme applies, and
b) who has entered into a qualifying finance agreement with a participating finance provider;
“participating finance provider” shall be construed in accordance with Section 2 of the Acts, provided that references to “a credit guarantee scheme” in Sections 2(3)(a) and 2(4) of the Acts shall instead be deemed to be references to “this Scheme”;
“Participating Finance Provider’s Legal Agreement” has the meaning ascribed to that term in Section 5.1;
“Personal Data” has the meaning given to that term in the DPA;
“Premium” has the meaning ascribed to that term in Section 4.7.1;