Gerald Nash (Louth, Labour) | Oireachtas source

I would be more optimistic than Deputy Tóibín about the potential of this Bill and the credit guarantee scheme. We have accepted the vast bulk of the review. We commissioned that review and understood that changes had to be made. I accept that it has been frustrating for everybody that it has taken a long time to get to the point where we can make amendments to the legislation to allow for the scheme to operate to its fullest potential. However, I am very confident that it will do so.

It is normal procedure for the operator of the scheme, Capita Asset Services, to provide quarterly reports and they are published on the website of the Department of Jobs, Enterprise and Innovation. It is not proposed to legislate to allow that happen. Rather, it is proposed that we continue with the current arrangements under the revised legislation. Those arrangements cover the credit guarantee and the counter guarantee elements. We do this already and it is important that such information is available to be assessed by anyone who wishes to determine the success, or otherwise, of the scheme. I assure Deputies that where any scheme is not meeting its potential, we will make any changes necessary. We were very upfront about the gaps, deficits and deficiencies in this particular scheme and that is why we worked to address them as quickly as possible. We all have a responsibility to work with SMEs to provide the jobs that we all want to see and we all have a responsibility to ensure that our finance system is functioning.

More generally, material on rates of bank lending to SMEs is more broadly a matter for the Minister for Finance. In that context, it would not be appropriate to include such a provision in this legislation. The Deputy's amendment is not appropriate to this legislation on credit guarantees but we will be publishing information in the normal way. That information will be available to the public to allow them to make an assessment of the scheme. Where there are issues arising, they will be addressed. I am optimistic and confident that the amended scheme and the approach we are now taking will herald a new dawn for SMEs. We have done the same with Microfinance Ireland and the figures for that body are improving all of the time. We changed the way the Microfinance Ireland scheme operates and made it more attractive and accessible to micro-enterprises who need to use it. We are not averse to holding our hands up, admitting that something is not working, fixing it when necessary and working with our colleagues in the Oireachtas to do so.