Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

As Opposition Deputies, we have an opportunity to discuss what the Bill states and will do. If we simply agree that it should be left to the Minister to decide what should be included in the scheme at some point in the future, we abdicate our responsibility as Opposition Deputies to the different sectors that are components of a functioning and healthy economy.

If we simply decide that it should be left to a Minister to decide some day in the future on what should or should not be included, we, as Opposition Deputies, are obviously abdicating our responsibilities to the different sectors of a functioning and healthy economy. It is our job to ensure we build legislation correctly from the start, rather than leave it as a husk to be filled by a future Minister in whatever way he or she wants to fill it.

The Minister of State said on Second Stage that crowd funding would not be included in this legislation because he could not get a definition for it and the fact he would not give a commitment that it will be included in the future gives me no confidence in this legislation. One of the key points put forward by the credit unions when they made presentations to the Oireachtas was their deep frustration in regard to the limiting of their ability to function within the SME sector. It is difficult to understand that in a credit squeeze, the sector that least abused its position now feels it is being limited by the Government and Central Bank regulations with regard to trying to provide small loans to small businesses.

I would not mind so much if the Minister of State told me credit unions could be involved, but could only provide microfinance, like Microfinance Ireland for example which has a €50,000 or €75,000 ceiling on its ability to loan. I would agree that this would be a prudent first step in their foray into this space. In representing these sectors, SMEs and entrepreneurs in society, we as Opposition Deputies should at least commit to ensuring that they will be included in this scheme in the future. Otherwise, we are just involved in creating loose legislation that does not address the problem.