Willie O'Dea (Limerick City, Fianna Fail)

The Minister of State suggests that I should read the reports. I have read them in some detail. I would like to know if the Minister of State agrees with my conclusion from having read the reports, which is that there seems to be something of a balance-sheet paradox. The actual lending to SMEs has dropped quite considerably because much of the money being loaned out, as per the balance sheet, is simply replacing or rescheduling loans that are already there. Many of these loans are being paid on an interest-only basis. They are important because they are helping people to survive a difficult period, but they are not increasing the volume of lending to small businesses.

On the credit guarantee scheme, am I correct in saying that the amount, which the Minister mentioned in committee last week, is a guarantee of about €400 million? The Minister of State says he hopes to have that in place at or before budget time, which is next December.

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