Mr. Ed Farrell:

Going back to the Chairman's question, we sent our proposal to the Department of Jobs, Enterprise and Innovation about two years ago. We had a number of meetings with officials and the Department recommended that we engage with the Strategic Banking Corporation of Ireland. Over a six-month period, we had a number of very positive meetings with it at which we discussed the pilot to which I referred. All of a sudden, the SBCI got cold feet and we no longer met. Any influence this committee might have on the Department or the Strategic Banking Corporation of Ireland would certainly be welcome. We have been looking to do more in that space, including centrally managed lending, which would be more risk-proofed than the bigger loans going to the individual credit unions that might not have much experience in that sort of lending.

On the public banking side, going back to the Senator's question, we all agree that we do not want to bring a German model to Ireland if we already have a model here that is working but could do more, whether that is the post offices or the credit unions. About a year ago, the credit unions in the midlands showed good faith and, with Deputy Penrose and Irish Rural Link, they met representatives of the Sparkassen to elicit advice on SME lending and see if they would come here. On the night, they indicated they would not necessarily open a bank but they were available for guidance. Again, that showed good faith that we are ready to try to do more. From the point of view of Irish Rural Link, it was the rural communities but we said there are communities and demand in urban areas as well. Certainly whether it was via a Sparkasse SME model or via the Strategic Banking Corporation of Ireland, money, credit union offices and staff are available to step in and do more.