Mary Coughlan (Donegal South West, Fianna Fail)

I have been in constant discussions and negotiation. I have met and spoken to the chief executives of the major banks, as has the Minister for Finance on my behalf. On the issue of access to the EIB, four banks from Ireland have been in discussions with it regarding access to funding specifically for enterprises.

On the issue of the proposals by the Small Firms Association, which I met last night, we have agreed that the small businesses want a forum between themselves and the banks, which is being set up.

On the issue of funding, it would be best for the banks to provide a facility in order for that to happen. That view has been expressed to the banks on my behalf by the Minister for Finance, and I, too, have advanced it to them.

I have indicated I will examine the issue of prompt payment, which is part of an answer to a question to be addressed later. My colleagues in the UK have decided to introduce a ten-day turnaround period. However, I would urge people to pay within the existing timeframe, although improvements in the feasibility of this are being examined.

There is no point in putting down an unreasonable marker that cannot be achieved. That would be foolish and retrograde. We are working towards what is feasible and what may be done to ensure that prompt payments progress as quickly as possible.

See this speech in context