Dr. Mark Cassidy:

That is just accessing it in a different way. We also know it is not always credit. Sometimes for the very smallest businesses, especially those with a degree of an entrepreneurial element to them, there may be venture capital or other types of non-traditional approaches. It may not even be lending but taking a share in the business. Often that is the case for a riskier start-up firm or one where there is not the same collateral, as such, for a bank to lend against. While some firms have struggled, many firms globally have built up a lot of their own buffers, finances and own deposits. There is much evidence on that in Ireland and globally. The world has been awash with liquidity, while there are no interest rates to be earned by one investing one's money elsewhere.

There are different ways, which are not bad, by which firms have been able to get credit. The concern would be if there was an issue with firms going to banks seeking credit and the credit not being available. If there was a supply issue we would be more concerned about that.