Matt Shanahan (Waterford, Independent) | Oireachtas source

I thank our guests this morning. I wish to address Mr. Makhlouf first. He has touched on liquidity supports and we know how important it is in the banking sector but it is especially important in the business sector at present. Does he have a comment on one of the early liquidity instruments which basically asked our commercial banks to take on 20% of debt where the State backed 80%? There was a low level of take-up and a high level of refusal from the banks. I think over 50% of those loans were refused despite only a 20% coupon being at risk for the banks. Other countries have implemented the idea of dropping money into SME accounts through, for example, the Revenue Commissioners for liquidity supports. Why are we using the pillar banks? Does Mr. Makhlouf have any thoughts on that?