Richard Bruton (Dublin North Central, Fine Gael)

Politicians may express their views that current interest rate policy is inappropriate for Irish circumstances - there is no doubt that rising interest rates do not suit us - but, on the other hand, the ECB is clearly established under legislation.

We can look at the issue the Deputy raised of the difficulty for Irish SMEs in getting loans. That is why the Government restructured the banks and we now have two pillar banks which are well capitalised and have low loan to deposit ratios. They are capable of advancing €20 billion in loans to SMEs in the next three years. It is important that the Government ride shotgun on the delivery by Irish banks of these loans to SMEs. We must focus on the things we can control, and that has been the focus of the Government. We recognise there has been a market failure, which is why the partial loan credit guarantee scheme will be developed later in the year.

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