John Lyons (Dublin North West, Labour) | Oireachtas source

It is refreshing to hear from representatives of the credit unions. I like the idea of the enterprise bond, given that there is liquidity to use. That option deserves further investigation. A question that arose in regard to all of the witnesses' presentations, and which Mr. Murray addressed to some degree, pertains to the expertise required in credit unions to decide on these loans. I understand there will always be applications from, for example, taxi drivers who need to replace their cars. That is a concrete example, but we have learned that the banks still lack the relevant skills to deal with this area. I acknowledge, however, that they have committed to upskilling their staff to deal with new business types that are becoming the norm. These new business types are currently unfamiliar to them and it is difficult to assess a business concept if one lacks expertise in the relevant areas. If a 22 year old individual presented with a plan for the next Google, how do the witnesses propose to deal with him or her? I accept the point that the local enterprise offices can help, but witnesses in previous sessions have questioned whether the local enterprise offices possess the requisite skills. I do not expect the witnesses to have the answer today because it is an issue that has yet to be addressed. Even the banks have not upskilled their staff adequately, and a solution still needs to be found. Perhaps the credit unions are in a better position in this regard.

If countries such as the US and Canada can provide successful examples in this regard, perhaps the committee should investigate these examples further when we prepare our report. My question on expertise is meant in the best possible sense, because every lender appears to be struggling with finding ways to support people who are coming to them with innovative ideas in sectors with which they are only now becoming familiar.