Mr. Pat Farrell:

To summarise, we are working with small and medium-sized enterprise customers to get them the credit they need. We are approving more than 2,000 applications for credit each week. The member banks and ourselves are working with customers to give them the best chance of accessing finance. Where we see deficiencies and where issues are pointed out to us, we work with all best intent to try to close out those issues or to improve the situation. It is not all about new lending. Renewing or renegotiating credit and working capital finance are what many businesses need. Banks are working to meet that need. Getting finance to businesses depends on addressing a range of issues. It is not only about bank debt. Access to capital and equity, the experience of the business owners and their ability to manage the business in question are also relevant.

It is critical to have a positive environment for credit availability because that will help to drive demand and support growth and job creation. If we continue to maintain that banks are not open for business or not extending credit, it will become a self-fulfilling prophesy. It will become the reality. Our job and that of the Credit Review Office is to ensure we get the message out loud and clear to business operators that if they have a sustainable business and they approach their bank, they will get access to credit. If business operators are aggrieved about a decision, they have the backstop of the Credit Review Office which will independently assess an application and determine whether the decision should be upheld or refused. I thank the committee for its time.