Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

We are operating in Ireland and in the Irish market. It is not just about exporting to Germany and France. It is about expanding our exports globally. Some of the companies will be going to China and some will be going to the Middle East, Asia or the United States. Therefore, we have to deal with the facts of where we are.

The Deputy is correct that interest rates here are as they are for many reasons. We will not get into that argument. There are three banks in this country. Obviously, there are competition issues. As we all know, there have been many discussions on this. The old adage is that the higher the risk, the higher the price. That is the way lending rates work. I believe that 4% is a very good rate. A lower rate could be distorted by incentivising well-organised companies that are less in need to exhaust the fund. It could also give rise to state aid issues. This is a fund we have put together with the help of the European Investment Bank, the Strategic Banking Corporation of Ireland, the two Departments and the Minister for Finance. It will be snapped up very quickly at 4%.