Mr. Felix O'Regan:

We have been trying to supplement what the banks are doing at the coalface in terms of lending. We have tried to ascertain whether there are information or resource gaps, identified by ourselves, the Credit Review Office or other stakeholders, which can be addressed. In that regard we worked with Chambers Ireland and developed a new website, www.smallbusinessfinance.ie, which has already had 26,000 page reviews. It is increasingly seen as a one-stop shop for information for all small developing businesses, not just about getting finance but also about all the other supports that are available. It has been fully endorsed by the Department of Jobs, Enterprise and Innovation and the Department of Finance. Most recently, the new Microfinance Ireland initiative has adopted and promoted it throughout the network of county enterprise boards. Small businesses are being directed to our website for further information.

We have worked with accountants to develop a business plan guide. One issue we encountered and which was flagged by the Credit Review Office and others was that businesses had difficulties with the variations in documentary requirements of different banks. When they went to one bank seeking credit, they were asked for certain things to be included in their business plan, while another lender would tweak this. We worked with all of the banks and with accountants to come up with a blueprint for a standard business plan for SMEs applying for credit to any lending institution. We have developed that guidance which is now being used throughout the country by accountants, in conjunction with small business clients.

We also worked with the Credit Review Office to develop a standard credit application form. Again, in the past there were slight differences between one institution and another. This was very much an initiative of the Credit Review Office but we sought to fine tune that and to drive it out, not just to the pillar banks but also to other lenders in the market.

We are also working with the Government and I have referred to several of the initiatives. We support Microfinance Ireland as an initiative and there is also funding from the banking sector to complement the Exchequer funding. The first loan applications from Microfinance Ireland have been received. I sit on the board. Following the two board meetings that have been held, we have much confidence about the degree to which we believe businesses in localities working through the county enterprise boards can be helped from a start-up or developing phase. The Social Finance Foundation was the precursor to Microfinance Ireland. A total of €25 million in equity capital was made available from the banking sector in 2007. Slide 13 shows what the Social Finance Foundation has been doing during the past four or five years. Community enterprise projects, small enterprises and local projects have been supported. One can see within that initiative how approximately one quarter of the funding has gone to microenterprises. In truth much of that will probably be taken over by Microfinance Ireland in future. However, a total of €10 million has gone into the microfinance sector as a result of bank low-cost funding. These are the initiatives. I would be pleased to take any questions later on.