Willie Penrose (Longford-Westmeath, Labour)

I thank the Minister for his reply. It is amazing that this review is ongoing since June 2010. Does that demonstrate a mind-boggling level of apathy and lethargy, in the context where small family businesses across the country cannot get the loans they need to keep the show, paying bills to suppliers is a struggle, viable, profitable and well-run businesses are going to the wall because they cannot access credit, and two years on from the introduction of the blanket guarantee our banking system remains in crisis? We were promised that the guarantee, NAMA and the recapitalisation of the banks would assist, but the banks are risk averse.

What is the reason for not proceeding with this measure? Will the Minister not tell us the truth of the matter? Is it not the that heavy hand of the Department of Finance, to which I referred in early July, has claws across the introduction of this scheme and is ensuring it does not proceed from the incubation phase? That is what is going on. Why are we the last country in Europe that has not introduced such a scheme? It is not as if we have to reinvent the wheel. Such a scheme is operating in Britain, China, Singapore and Hong Kong. What is wrong here? Why are we different?

The Minister wants to ensure that additional moneys will be provided under such a scheme as opposed to moneys in substitution for funds that he expects will be provided. Furthermore, he wants to ensure that the banks would not be left off in meeting the obligations they have. Was a report not prepared by Forfás as part of the deliberation process? What is contained in it and when will it be published?

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