Mr. John A. Moran:

Yes. The Deputy has analysed it very well and hit the nail on the head in that cash and grants should be put out relatively easily and there should not be high interest charged on loans. It is important that the Deputy also reached into the third phase of our plan, which is to deal with sectoral matters, as not every sector is the same. We can agree on the general principle that we cannot ask those in the SME sector, which is critical to job creation, to bear the burden of these losses on their own. However, how they come back into normal trading activity will differ from sector to sector. It needs a more fine-tuned approach in the third phase. As the Deputy has said, the important factor is getting the money out there quickly and in ways that are attractive.

I can go back to what I said at the beginning. Despite €6.5 billion in schemes, although some are still not legislated for, the proof of the pudding will be in the eating. There has only been €100 million disbursed, and I suspect we have the lowest percentage of disbursal across the whole of the European Union. That puts our firms at a disadvantage to other firms. They are the ones struggling. As Ms McCabe has said, going back to the Danish example, their level of confidence is higher because very quickly they put in place approximately €5 billion or €6 billion in a compensation scheme. They were not handing loans but rather grants to their companies. They have managed to recover much more quickly so the firms are not doing fire or liquidation sales across the economy, even when they trade internationally. We must get ourselves into that same place. The most dangerous result here would be if sectors collapse and firms have liquidation sales where they sell valuable assets cheaply. Some foreign company that was better protected will buy them.