Enda Kenny (Mayo, Fine Gael)

I share Deputy Wallace's view. Work is under way in the context of introducing a partial loan guarantee scheme that will make it easier for banks to be more flexible in advancing credit to businesses which should be in a position to access such credit under appropriate conditions. As the Deputy is aware, the demand for credit has in many instances been restricted because of the poor condition in which some businesses currently find themselves as a result of their dabbling in the property market or whatever. It is a case, therefore, of returning to a position where credit can be advanced.

The decision made in respect of the main banks will ensure that there will be credit available. I am anxious that there be a system whereby we will be provided with regular reports which will demonstrate the new credit being made available to businesses rather than just being supplied with information relating to rolled-over or restructured loans. What we are seeking to do is critical in the context of expanding the indigenous economy and with regard to the creation of job opportunities.

I will be obliged to purchase a stopwatch in order that I might account to Deputy Martin for the meetings I have with people and the length of time it takes to conduct them. I assure the Deputy that unlike many members of the Government of which he was part, I contributed to every aspect of the debate that took place at the European Council meeting on Thursday and Friday last. All of the background material relating to decisions is not published prior to such decisions being formalised. The conclusions of Council meetings are published, however, and these are the subject of the debate in which we are currently engaged.

Ireland will make its repayments on time. It will be assisted in this regard by the advent of what was agreed in principle, namely, a reduction in the interest rate applied to our borrowings. The precise difficulty in this regard is being worked on. I hope the matter can be brought to a successful conclusion quickly. I am conscious of the fact that an interest rate reduction would be of extra benefit to us. We are adhering to the conditions - challenging though they are - attached to our deal.

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