Mr. John Trethowan:

I must be careful not to give away any commercially sensitive information when answering the Deputy's question. Last year there was new lending of approximately €2.5 billion. The remainder related to restructuring and refinancing. Restructuring involves rolling over existing loans in order to ensure that businesses continue in credit. On refinancing, because only three banks are actively engaged in lending, where borrowers require new money they can no longer go to IBRC and nor can they approach Bank of Scotland Ireland. It is very important that this refinancing activity brings borrowing from those balance sheets onto the balance sheets of the banks here. I had a meeting with representatives from one of the banks this morning and they informed me that while it is sanctioning refinancing moneys, these are slow to come across. The main thing is to have these sanctioned but the actual draw-down is taking somewhat longer.