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

I tabled amendment No. 20 because credit is too expensive in this State, be it for those in mortgage distress who are paying a premium over their counterparts throughout Europe or small businesses who are paying a premium over that being charged to European banks - and this is even outside the credit guarantee scheme. Paying for credit at such an enormous rate is a competitive disadvantage for Irish SMEs. The credit rate might have been acceptable at a time when the banks were actually in a loss making situation and needed to make profits but we have seen some massive profits come from the banks in recent times. The Department of Finance has struggled to excuse the differential that currently exists in this State vis-à-visEuropean counterparts.

There seems to be some rowing back on the 2% premium within the Government's own amendments. Will the Minister for State indicate if within the Government's amendments, other than the administrative costs of the loans, there is no existing premium within the credit guarantee scheme?