Matt Carthy (Cavan-Monaghan, Sinn Fein) | Oireachtas source

The references in this correspondence are very significant. Essentially, it states that a huge amount of money that we were told was going to be directed to SMEs, which form a very important part of our economy, was actually used to bolster the balance sheet, repay a loan, pay dividends to shareholders and provide significant liquidity to a foreign-based parent company. According to the correspondence, only 7% of what was loaned to BIFSL, essentially by the Irish taxpayer, was deployed into the Irish SME market. That is very substantial and I agree with the proposal that has been made. However, I think it would also be prudent for the committee to ask the Department of Finance for its response in respect of all of this. At the end of the day we are dealing with Irish taxpayers' money, so it would be appropriate to ask the Department of Finance for comment on this matter. I would also like to put on the record that the Strategic Banking Corporation of Ireland, which is potentially a very important body, has not responded to this committee on the issue as yet, and that is not acceptable practice. I agree that we should write to the corporation again.