Michael Kennedy (Dublin North, Fianna Fail)

I hope the two Deputies opposite are listening because it is worth noting that in respect of the valuation issue, Moody's has confirmed that the Government's 30% discount is reasonable and accurate. On the 10% valuation, I do not know if Deputy Breen has had the opportunity to read The Irish Times. I suspect it is not well read in Clare but I am sure he could borrow a copy from his colleague, Deputy Creighton to read a piece by Bill Nowlan, who has 40 years experience in the property business and who has confirmed that 10% is somewhat conservative. Mr. Nowlan was speaking in an unbiased manner.

Our major challenge now is to induce banks to lend. All Members want them to lend money to businesses small and large, as well as to private citizens. The Minister should incorporate a clause into the banks' contracts to the effect that when they draw down money, 10% of the first tranche must be offered out to businesses and private citizens before they can draw down a second tranche. A flow of money must be supplied to both the business world and ordinary mortgage business.

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