Kieran O'Donnell (Limerick East, Fine Gael)

The recapitalisation and bank guarantee schemes were brought forward primarily to ensure funds would flow to small business, as well as to deal with the banks. The Minister gave a commitment to the House on 26 March that a report would be quickly brought forward on the issue of credit flowing to small business and oversight in terms of declined cases. Why is there no urgency in bringing the report before the House? When will it be brought before it? Furthermore, the figures the Minister is quoting as regards the Central Bank are grossly inadequate. Since last September we have seen declines in private sector credit of the order of nearly €8 billion. The Minister speaks of credit flowing to small business and the Opposition coming forward with alternative proposals, aside from the establishment of NAMA. We brought forward a motion last night on Private Members' business on the establishment of a State-sponsored wholesale bank to borrow funds from the ECB and provide them for existing banks for good loans, effectively taking ownership of the assets. Will the Minister take this on board in terms of providing credit for small business and mortgage holders?

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