Feargal Quinn (Independent) | Oireachtas source

Mr. Fielding is most welcome and I thank him for a clear, concise and detailed explanation of the position. I am keen for him to tell us something about the State-sponsored development fund or SME bank. How does he see it coming about? What will happen to it and how will it work?

I have a certain amount of sympathy for banks which turn people down. Because we own the banks we must ensure they stay in business and do not end up losing it. I have a certain amount of sympathy for someone who wishes to ensure the banks pay for themselves, especially since we own them; therefore, we should ensure they stay in business. My experience has been that many of the applications made by smaller businesses were less than professional. I am pleased to hear from Mr. Fielding that ISME is now holding their hands, teaching them and showing them how to handle the matter. I was jolted by the figure provided by him. He said the refusal rate used to be between 18% and 20% but that it had jumped to 54%. What is the reason for this? Can the banks give ISME any reason for it?

Has there been any success with crowd funding? The committee was visited by Linked Finance, an organisation with which I am involved to a small extent. I have been impressed by the whole concept of crowd funding elsewhere. Do ISME members use it or have they used it? Is there a possibility that more could done to help ease the financial position?