John Perry (Sligo-North Leitrim, Fine Gael)

I thank Senators White, Keane, Quinn, Harte, Ó Clochartaigh, MacSharry, Landy and Healy Eames for their contributions to this debate. I also thank my officials for their tireless work on this Bill. The Senators made some very interesting points.

This legislation will address some of the difficulties being faced every day by SMEs throughout the country, of which I have been made aware daily since my appointment last year as Minister of State with responsibility for small business. The ability of our SMEs to succeed and grow underpins the future potential for employment, growth and prosperity. This Bill underpins the Government's commitment to implement change and reform taking a step-by-step approach.

While I appreciate Senator White's point in regard to ISME's survey in regard to the unavailability of finance, this legislation is only a start. A review of the legislation after 12 months will, it is hoped, indicate it has been a success. On Senator Quinn's point, high potential US companies are doing an effective job within Enterprise Ireland. A key issue for Government is innovation procurement. I have looked at the idea of crowd funding, which is very successful in the US. On Senator White's point in regard to a survey in terms of returns for investment, that will become clear once the guarantee has been established.

The purpose of this Bill is to re-energise the economy, meet the challenges of recovery, address a failed economic model, restore confidence and enhance Ireland's position in the world. The Jobs Plan 2012 prioritises where Government efforts over the coming months should best be placed. It adds up to a co-ordinated plan of vigorous targeted action to achieve change and make a real difference. It is important we do make a difference. Businesses need action not words from Government. This legislation is clear evidence of concrete action which will produce tangible benefits for businesses who avail of the guarantee scheme.

Senator Harte made an important point in regard to the banks and the role of the Credit Review Office. I appeal to anyone who has been refused credit to first take up the matter with the banks and if not resolved to then take up the matter with the Credit Review Office, which has been successful. I welcome Senator Ó Clochartaigh's remarks in regard to the Bill and the role of banks. The banks have been recapitalised to the tune of €7 billion. The Government is working with them. I will come back to Senator Landy on the matter of the banks appearing before the Oireachtas to familiarise Members on their role. The banks have been effectively recapitalised.

Senator Healy Eames made the important point that this Bill will potentially assist 1,800 companies and provides an opportunity for business to engage with the banks. I believe that those businesses which previously have not applied to the banks for credit will do so through this scheme. Th credit guarantee scheme, in conjunction with the microfinance loan fund, the legislation for which will be published tomorrow, are not a substitute for bank lending. The banks have been recapitalised. Banks need good business and businesses need banks.