Mr. John A. Moran:

The difficult part is that firms have built up losses and we need to get those losses sorted out. We have recommended that a firm-by-firm analysis be carried out by the Revenue. That will take a certain amount of time. The idea is to move it out quickly. There are many aspects to this issue. I do not think the guarantee scheme is working because the amount of the guarantee is not significant. It is restricted to banks. They are not the only ones providing debt at the moment. Many firms no longer have banking relationships. We need to find new mechanisms. The most important thing we could do through the July stimulus would be to find a way to scale the problem and announce that the aid is coming quickly and that firms will not be obliged to fill in lengthy application forms to draw it down. It involves relatively small amounts of cash compared with the value of the investment.