Dara Calleary (Mayo, Fianna Fail)

I accept that and accept Deputy Penrose's concerns in this regard. As for meeting the banks or the bank management, the Minister, Deputy Batt O'Keeffe, has led five different meetings with the banks since his appointment to the Department at the end of March 2010. The last report of the Credit Review Office states:

My view is that recapitalisation strategy for the two main banks is now achieving its objective of ensuring that a functioning banking system is in place to support economic activity.

Current market perceptions that banks are not lending to SMEs is based on experiences from six to nine months ago, and the current situation whilst still not entirely perfect, is now continually improving.

Certainly, the Government will continue to meet and pressurise the banks as it shares the concerns expressed by Deputies Perry and Penrose on the repackaging of facilities.

See this speech in context