Joan Burton (Dublin West, Labour)

Does the Minister acknowledge that many small and medium sized businesses around the country are in danger of shutting their doors after Christmas because there are no guarantees that the supply of credit to them will continue?

What strategy has the Minister in respect of the recapitalisation of the banks? Is the Minister's strategy to invite foreign private equity and hedge funds to take dominant or very large positions in Irish banks? Is the Minister aware that in the Mallabracca consortium, two of the entities are Carlyle, with extensive interests in the armaments worldwide, and JC Flowers? Both groups are noted for short-term positions. How does the Minister reconcile the stabilisation of banks with his apparent desire to make foreign private equity and foreign hedge funds the dominant forces in the recapitalisation of the banks? These funds normally invest for a quick buck and a quick turnover. Is the Minister still adverse to the State getting involved in the recapitalisation for the purposes of directing credit to businesses in Ireland that desperately need it?

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