Lucinda Creighton (Dublin South East, Independent) | Oireachtas source

I welcome the witnesses and thank them for the answers they have given both in writing and orally.

I will start by echoing Senator Barrett's view on the Central Bank's new mortgage deposit and loan-to-earnings ratios, how crucial these standards are, how they can insulate us against future boom-bust cycles, and the need for the banks - not only AIB but those right across the sector - to get behind that. Some of the response to date has been most disappointing.

I commend AIB on the work that is ongoing with the IMHO. It is really constructive and it is working well. Where my concern lies is with the significant amount of impaired SME loans that are still on AIB's books. I am sure it has already been mentioned, but, as I understand it from the answers AIB has given, €4.4 billion is the current amount of impaired loans on its books. I welcome the fact that this has decreased by 9% since December 2013, but I wonder whether any thought is being given to an IMHO-style solution whereby business owners can have some form of independent representation.

Obviously, one of the biggest drags on the economy is this overhang of debt for business. The growth in the economy that we have seen to date is largely led by exports and foreign direct investment, not by the indigenous economy. There is a real need, and an interest, for banks to do something about that. Even with the new legislation, the examinership process is not working for SMEs. It is too expensive. AIB has an opportunity to lead in trying to find a solution to assist SMEs in a meaningful way, and I would be interested in hearing Mr. Duffy's views on that.