Anthony Lawlor (Kildare North, Fine Gael) | Oireachtas source

I just wish to make a few observations. Despite the number of witnesses who have addressed this committee, this is the first time we have got a definite figure regarding the cost of borrowings being 1.4% higher than across the rest of Europe. It was important we heard that today. It was also important for us to hear a number of witnesses speak about the need for a State-backed bank. Some of us were in Europe after Christmas and the European concept seems to be to look at what is going on in America and at funding being sourced elsewhere.

I suppose we have a State-backed bank in AIB, but I assume the witnesses are looking for something else. Obviously, we need to be looking at alternative sources of finance, rather than at the normal banking sector. Mention was made of microfinance loans, which are for small loans, but we need some source of funding for medium-sized companies that want to expand, particularly those in the retail sector which we hope will develop and grow over the next couple of years.