Report on personal microloan scheme published
A report examining the need for a personal microloan scheme in Ireland has been published by Georges Gloukoviezoff of the UCD Geary Institute. The report, entitled 'Creating Credit, not Debt', takes into account the experience of similar schemes in other jurisdictions. The study was jointly funded by the Central Bank of Ireland and the Social Finance Foundation.
Publication of the Report was welcomed by Angela Black, Chief Executive, CIB:
"I particularly acknowledge its emphasis on the need to develop a financial model to move people away from dependence on unregulated moneylending, through initiatives that have already proven successful in other jurisdictions."
The Citizens Information Board (CIB) supports the microloan concept and a paper prepared by CIB was submitted to the Minister for Social Protection and the Minister for Finance proposing the establishment of a microloan scheme for citizens who have difficulty accessing credit. CIB, along with the Social Finance Foundation and MABS, are working together to develop the proposal with the aim of getting Government sign off for a microcredit scheme in Ireland.