Finance Minister Michael Noonan has nominated six people to the board of the Strategic Banking Corporation of Ireland.

The six people will be appointed for periods of four and five years after an open selection process.

Tom McAleese, from Alvarez and Marsal in Ireland, Barbara Cotter - a partner at A&L Goodbody - and AJ Noonan, chairman of the Small Firms Association, have been nominated for a period of four years.

Eilis Quinlan, a director of the Irish Small and Medium Enterprise Association, Richard Pelly, CEO of the European Investment Fund, and Rosheen McGuckian, Group CEO of NTR, have been appointed for five years.

Nick Ashmore continues to be an ex-officio director of the bank as he is its CEO, while Ann Nolan, from the Department of Finance, and the NTMA's Conor O'Kelly have also been reappointed as ex-officio members of the bank for three years.

All nine SCBI board appointments have now been filled.

The SCBI is a State-backed investment bank offering low-rate, longer term loans to small and medium-sized businesses. It has  an €800m fund available to SMEs looking to invest in and grow their business, which will be made available through third parties.

"The SCBI has been brought from an initial concept to a reality in little over 12 months thanks to the efforts of the Department of Finance and the NTMA," commented the Finance Minister.

Mr Noonan said there is now €800m available for SME loans through the main lenders, AIB and Bank of Ireland. 

He said there was a significant amount of interest in the posts for the board appointments. The process was managed by the Public Appointments Service.

A SBCI board member is paid €15,750, according to the Department of Finance. Directors who are currently public servants will not receive the fee.

As Ann Nolan, Nick Ashmore and Conor O'Kelly are serving public servants, they will not be paid for their work with the bank.