Martin Kenny (Sligo-Leitrim, Sinn Fein)
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The witnesses are all very welcome. I thank them for attending and making their presentations. A couple of issues arise immediately for me. The advantage of the scheme was that the money was available without security being required. It was sold on that basis. However, everyone I speak to in the farming community went to the banks with which they deal generally and with which they all have security down. Their deeds are already there. The advantage of that is difficult to understand. Having said that, access to capital has been one of the major issues not only for farmers but for the whole population for the last number of years. It is good to get it and to be able to use it appropriately. I share Deputy Cahill's analysis that much of this money was used for issues with which the banks were already dealing. That is one of the problems we have with it.

The other issue I have relates to the value of it. The wholesale interest rate from the European Central Bank is very low, which is one of the issues raised with us all the time. Across Europe, the European Central Bank is providing money to every banking institution. The Irish banks are charging almost double what every other bank in Europe is charging, not just to farmers but to every sector. I ask the witnesses to explain to me who is creaming it off. It is certainly not farmers and businesspeople. It is a real issue for people with mortgages and across the board. It is not fair that Irish people are paying far above the odds. My view is that the banks got into trouble and ran into a whole series of debts which they are screwing the Irish public to pay off. I would like the witnesses to find some way to assure me that is not the case.