Pat Rabbitte (Dublin South West, Labour)

We can get carried away with the nitty-gritty of the Bill and forget the overall purpose. Politically as well as economically, the purpose is to assist the banks in functioning normally again and, in that regard in particular, unfreezing the credit lines that have been frozen over recent months.

The Minister of State reiterated the point about the earlier commitments made and the fact the regulator, if I understood the Minister of State, will monitor this. I heard yesterday from an employer of some 300 people who has a turnover of €100 million. He has a valley period in the winter and a boom period in the summer and, therefore, needs assistance in tiding him over, but he was unable to get €1,000 in additional credit at this time. While I listened to the Minister of State and I know what is the commitment, and I know I have nothing to go on but anecdotal evidence, that evidence is worrying. The banks will say "thank you very much" for the recapitalisation and then proceed to address the loans to deposits ratio in their banks, which had gotten seriously out of kilter. That would not advance us very much.

Reference has been made to the famous remark that "I'd rather die than accept recapitalisation". I am glad the chief executive in question has opted to continue living — we are all very pleased about that — but I do not think the cheque will be sent back. What the taxpayers of Ireland want to know is whether there is a way of tangibly measuring whether they are delivering on the commitments given.

I have some difficulty with the term "capacity" in any event, and I am somewhat confused that it is the task of the regulator to monitor this. I can think of many things the regulator ought to be doing, should have been doing and was not doing. However, the Minister of State said the regulator would be monitoring whether the commitments entered into as the quid pro quo, if one likes, of this investment are delivered. The Minister of State will agree it is very important that the commitments, such as they are, are delivered on and seen to be delivered on. I have seen the advertisements which are already out there. I would like to know what the reality is behind those advertisements. I am concerned at how it seems to be in conflict with the e-mails, messages and phone calls one gets about the actual experience among SMEs at this time.

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