The fact that the lending institutions no longer have to cover the total risk should make it easier to lend and our latest data shows this to be the case with 338 SMEs already qualifying through the commercial banks since the Scheme’s inception in January 2012.
The main insight is that our previous model may have put too much weight on developments in the US economy and not enough on other economies, both in terms 1/2  BIS central bankers' speeches  of demand growth and in terms of measures of competitiveness.