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Updated Open Call for Expression of Interest SBCI Top-up Covid-19 Working Capital Scheme

News
05 Jun 2020

Please take note that the Strategic Banking Corporation of Ireland (“SBCI”) has made certain amendments to the Open Call for Expression of Interest which was originally published on its website on 20 May 2020 (the “Original Call”) by publishing an updated Open Call for Expression of Interest on its website today, 5 June 2020 (the “Call”).

For ease of reference, we have set out below the amendments which have been made to the Original Call:

  1. On page 1, the Deadline Date has been extended to 15 June 2020.
  2. All references to the size of the Top-Up Scheme have been amended to reflect the fact that the Top-Up Scheme will cover a total additional portfolio of loans of up to €125m, as opposed to €200m. The Top-Up Scheme may increase to €200 million upon approval from Government.
  3. At Section 2.1 and Annex 2, beneath the respective “Loan Features” headings, the bullet point which deals with repayment options has been amended to clarify that both capital and interest moratoriums may be availed of by Borrowers, the revised bullet point now states as follows: Borrowers should have the option to avail of capital and interest moratoriums or interest only repayments for up to 3 months at the beginning of the term of the loan.”
  4. At each of Section 3 and Section 3.2, beneath the respective “Stage 4 – Due Diligence and Completion” headings, the time limits set out for satisfaction of SBCI’s due diligence process and completion of the legal documentation shall commence from the updated date of publication of the Call, being 5 June 2020, as opposed to the date of publication of the Original Call.
  5. At Section 3.2, beneath the heading “Stage 3 – Initial Allocation”, SBCI will apply rounding to the nearest €1m for each allocation, as opposed to the nearest €5m.
  6. At Annex 5, which sets out details of the loan data to be recorded on the SBCI web portal, the below field has been deleted from Section 1 (headed “Data outlined below is required on each loan via the SBCI Portal”): “Reference Rate FI EURIBOR 3m, etc”.