Eamon Gilmore (Dún Laoghaire, Labour)

If it has, it has not managed to work its way back to Irish business. It now looks as though we are heading into the worst of both worlds, namely, a blanket guarantee for the banking system and, it would appear, an increasing inevitability of recapitalisation of the banks with taxpayers' money, which we were told the guarantee scheme was designed to avoid in the first instance.

I want to return to the first question I asked of the Taoiseach. Will he explain why the Irish banks have not availed of the European Investment Bank fund? What is his response to the call by the Small Firms Association for the establishment of a small business operational fund of approximately €600 million which would make credit available to Irish businesses which are starved of credit from the banks and are facing into an uncertain future, many of whom have stated that may be put out of business in a matter of days?

It is now six or seven weeks since the bank guarantee scheme was introduced and all the Taoiseach can offer is to come into this House and say he is awaiting this and that report and is examining every option; he cannot give direct answers on why the banks are not availing of the European Investment Bank fund. Has the Taoiseach asked them why this is so?

The Tánaiste told us last Thursday that she and the Minister for Finance were in discussions with the banks. What discussions have taken place with the banks and what explanation have they given as to why, unlike their counterparts in 22 other member states, they have not availed of the fund established by the European Investment Bank?

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