DUBLIN, July 10, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed portfolio administrator, trustee and custodian to BlueBay Ireland Corporate Credit I Limited, an investment vehicle intended to lend to Irish small and medium-sized enterprises (SMEs) and medium-sized corporates. BNY Mellon will provide a one-stop administration solution to BlueBay and will act as drawdown notification agent, account bank, cash manager and issuance paying agent to the investment vehicle. In addition, BNY Mellon may act as facility loan agent for the borrowers in the project. The investment vehicle was announced in January this year and forms part of a wider SME funding initiative referenced by Irish Minister for Finance Michael Noonan in the December 2012 budget. The investment vehicle, in which Ireland's National Pensions Reserve Fund (NPRF) is a cornerstone investor, was launched in June this year and has capital commitments of €450 million. "By funding SMEs we are stepping into an area which has traditionally been dominated by Ireland's banks," said Pat Walsh, Head of Irish Investments at BlueBay Asset Management LLP. "This vehicle will originate term loans to Irish companies and is also able to acquire existing loans from banks that may be seeking to exit the Irish market. We are delighted to have worked with the NPRF and BNY Mellon on such an innovative and important project". "SMEs are the backbone of Ireland's economy and vital to the country's nascent recovery," observes Dean Fletcher, Head of EMEA Corporate Trust, BNY Mellon. "BlueBay's innovative and ground breaking investment vehicle offers a crucial lifeline to these businesses, many of which have struggled to raise finance since the financial crisis. This is positive news for Ireland's business community and the future health of the country's economy." Joe Duffy, Country Executive for Ireland at BNY Mellon, adds: "BNY Mellon is a major participant in Ireland's financial services industry and has significant global expertise in investment services. We are thrilled to work with BlueBay on this project and contribute to supporting the recovery of Ireland's economy." The portfolio will comprise loans to high quality, mid-market borrowers and the use of proceeds will include refinancing, acquisition funding and growth capital. SMEs will be able to start applying for loans from the investment vehicle immediately.