Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank Mr. McDonnell.

I would like to ask Mr. McCoy about the supports for business. We heard evidence earlier from both of our witnesses that we are way out of step with our European competitors. I struggle to understand why this is the case. If we do not get into step quite quickly, we are going to lose more jobs. Just this week, I was speaking to a company that employs 50 individuals. It applied for the current Government loan schemes but was not entitled to them because of the strict criteria. It has decided to close its doors forever. I am having such conversations on a daily basis with people who are basically giving up because of the lack of supports.

I would like to ask what we need to do with the loan schemes that have been provided. When we look at the type of money that has been drawn down - €80 million over three loan schemes - we can make a comparison with what has happened in Britain, where €20 billion has been drawn down under a scheme that is 100% guaranteed, has a 0% interest rate and has no repayments for the first 12 months. Is this the type of ambition we need to ensure SMEs and larger companies come through this pandemic?