Will the Minister make a statement on the steps she will take to reduce the interest rates included in loans offered by the Development Bank of Wales?
The Development Bank of Wales (DBW) is an arms-length body and as such Welsh Ministers do not take part in day-to-day operational matters, commercial matters, or decision-making within the DBW Group.
However, we are currently working closely with the DBW to establish what support the bank can provide to both existing and new customers to provide the reassurance and assistance the business community needs.
As a first step, the DBW has written to all its 1,000 customers and offered them a 3-month capital and monitoring fee repayment holiday on request. The DBW realises that cash-flow management may be a key concern and this arrangement will remain in place until 30th June 2020.
The DBW has loan and equity funding available immediately to Welsh businesses and work is urgently underway to establish what further support the bank can provide to both existing and potential new customers.
We expect to make further announcements with the DBW in the coming days.