Brian Cowen (Laois-Offaly, Fianna Fail)

I am acutely aware of the situation. The Government is not standing by or sitting back in this situation. The Government is actively engaged in trying to deal with a number of these issues. One of the biggest issues relates to the question of obtaining capital requirements for the banks so that they will in turn ensure they change their loan arrangements because they are reviewing their adequacy ratios all the time. My purpose in this matter is to try to improve the situation for Irish businesses. Of course that is my contention. We also need a functioning banking system to have a proper commercial life in the country and try to maintain to the greatest extent possible the employment we have built up. There is no disagreement on that front.

Regarding the EIB, one must work it through the commercial banking system. The EIB has been in touch with the banks and those issues are being progressed. I have stated I would like to see that facility taken up as a matter of priority and those discussions are ongoing.

Regarding the question of a forum, as I have said, the Tánaiste and I along with other economic Ministers will continue to work with the business community to see in what way we can assist. On the issue of prompt payments within ten days, we are evaluating to see if that is possible. That suggestion came a few days ago and we are investigating whether it is possible. Establishing a fund outside the normal commercial criteria that apply is not something that is possible for the Government to do. We need to see if we can use, for example, the EIB facility as a means of assisting the banks to apply that credit in the way they are applying it at present in terms of their own resources.

See this speech in context