Strategic Banking Corporation of Ireland (SBCI)
Background and Context
Unlike many European countries, Ireland did not have a state development bank to sustain funding to businesses throughout the financial crisis. During Ireland’s exit from the EU/IMF programme in late 2013, the Taoiseach and Chancellor Merkel agreed that the German promotional bank Kreditanstalt für Wiederaufbau (KfW) would help finance the Irish SME sector. It was this European agreement that led to the creation of the Strategic Banking Corporation of Ireland (SBCI), ensuring that in future, Irish businesses have access to long-term, patient funding.