Credit Access for Small and Medium Firms: Survey Evidence for Ireland

The extension of credit to SMEs in Ireland has been identified as a necessary condition for economic recovery and job growth. The debate on whether the reduction in credit to this sector is caused by credit rationing by banks or a lack of credit demand on the part of SMEs has received much attention in media and policy circles. Owing to a lack of relevant available micro-data, research on this issue in Ireland has been sparse to date. The aim of this paper is to provide evidence using recently available firm-level data from the Central Statistics Office and the European Central Bank. Using the CSO data, we find a moderate decline in credit applications, coupled with a very large increase in credit rejection rates. Using firm-level production data, we find no evidence that the accepted firms have been pooled according to firm performance - more productive and fast-growing firms are as likely to be rejected as any other firm. Using the ECB data, we show that Irish firms are 15 to 18 percent more likely to be rejected for credit than a comparable Eurozone SME. We show also that Irish firms are less likely to have had decreased credit demand than other Eurozone SMEs in the 2009-10 period.

New survey evidence on COVID-19 and Irish SMEs: Measuring the impact and policy response. ESRI Working Paper 698 April 2021.

In this paper, we use new survey data on the Irish SME population to trace out the impact of the pandemic on firms’ revenues, their capacity to adjust their cost base and their usage of policy supports. Between March and October 2020 over 70 per cent of firms experienced some fall in turnover with a median fall of 25 per cent compared to 2019. The impact of the shock appears uncorrelated with past firm performance which highlights its exogenous nature. Expenditure fell by 8.5 per cent on average with 40 per cent of firms cutting spending. Losses were incurred in over 30 per cent of enterprises with a further 30 per cent just breaking even. We find that about 61 per cent of SMEs received wage subsidies, 20 per cent of firms used tax warehousing while fewer than 6 per cent of firms used lending initiatives. Policy support take-up is more likely among those more affected by the downturn, while the smallest firms appear less likely to use support than larger firms

CLA - A Health-Promoting Component of Animal and Milk Fat

End of Project ReportTeagasc acknowledges with gratitude financial assistance for this project from the Dairy Levy Fund and by the EU (Concerted Action FAIR-CT98-3671 and SM & T4 CT97-2144).In the recent past, there has been considerable interest in the potential health-promoting properties of conjugated linoleic acid (CLA), a fatty acid produced naturally in ruminant animals. CLA has been shown to be a very effective anti-cancer agent in animal models and cell culture studies, as well as being capable of retarding the initiation and progression of heart disease (atherosclerosis). It has also been shown to have potential as a growth promoter and is capable of improving feed efficiency. Hence from a human health viewpoint, it appears desirable to increase CLA levels in foods to protect against disease and enhance general health and well-being. The primary sources of CLA are animal fats (including dairy fats) derived from ruminant animals while vegetable fats and oils contain significantly lower levels. This project was aimed at enriching the CLA content of dairy foods through animal dietary manipulation, and milk fat fractionation.Dairy Levy FundEuropean Unio

Application of Probiotic Bacteria to Functional Foods

End of Project ReportProbiotic cultures are described as live microbial feed supplements that improve intestinal microbial balance and are intended for maintenance of health or prevention, rather than the curing of disease. The demand for probiotic foods is increasing in Europe, Japan and the U.S. reflecting the heightened awareness among the public of the relationship between diet and health. Traditionally, the most popular food delivery systems for these cultures have been freshly fermented dairy foods, such as yogurts and fermented milks, as well as unfermented milks with cultures added. However, in the development of functional foods, the technological suitability of probiotic strains poses a serious challenge since their survival and viability may be adversely affected by processing conditions as well as by the product environment and storage conditions. This is a particular concern, given that high levels (at least 107 per gram or ml) of live micro-organisms are recommended for probiotic products. In previous studies (see DPRC No. 29) the successful manufacture of probiotic Cheddar cheese harbouring high levels (>108 cfu/g) of the probiotic Lactobacillus paracasei NFBC 338 strain was reported. Hence, the overall objective of these studies was to continue the development and evaluation of Functional Foods containing high levels of viable probiotic bacteria, with particular emphasis on overcoming the technological barriers and the identification of strains suited to particular applications, such as incorporation into Cheddar cheese and spray-dried powders.Department of Agriculture, Food and the Marin

Credit access for small and medium firms: survey evidence for Ireland

The extension of credit to SMEs in Ireland has been identified as a necessary condition for economic recovery and job growth. The debate on whether the reduction in credit to this sector is caused by credit rationing by banks or a lack of credit demand on the part of SMEs has received much attention in media and policy circles. Owing to a lack of relevant available micro-data, research on this issue in Ireland has been sparse to date. The aim of this paper is to provide evidence using recently available firm-level data from the Central Statistics Office and the European Central Bank. Using the CSO data, we find a moderate decline in credit applications, coupled with a very large increase in credit rejection rates. Using firm-level production data, we find no evidence that the accepted firms have been pooled according to firm performance - more productive and fast-growing firms are as likely to be rejected as any other firm. Using the ECB data, we show that Irish firms are 15 to 18 percent more likely to be rejected for credit than a comparable Eurozone SME. We show also that Irish firms are less likely to have had decreased credit demand than other Eurozone SMEs in the 2009-10 period

CLA - A Health-Promoting Component of Animal and Milk Fat

End of Project ReportTeagasc acknowledges with gratitude financial assistance for this project from the Dairy Levy Fund and by the EU (Concerted Action FAIR-CT98-3671 and SM & T4 CT97-2144).In the recent past, there has been considerable interest in the potential health-promoting properties of conjugated linoleic acid (CLA), a fatty acid produced naturally in ruminant animals. CLA has been shown to be a very effective anti-cancer agent in animal models and cell culture studies, as well as being capable of retarding the initiation and progression of heart disease (atherosclerosis). It has also been shown to have potential as a growth promoter and is capable of improving feed efficiency. Hence from a human health viewpoint, it appears desirable to increase CLA levels in foods to protect against disease and enhance general health and well-being. The primary sources of CLA are animal fats (including dairy fats) derived from ruminant animals while vegetable fats and oils contain significantly lower levels. This project was aimed at enriching the CLA content of dairy foods through animal dietary manipulation, and milk fat fractionation.Dairy Levy FundEuropean Unio