Enda Kenny (Mayo, Fine Gael)

In regard to the partial loan credit guarantee scheme, this has been flagged on a number of occasions because it is so important. People tell me and others that they cannot get access to credit from banks. The Minister for Jobs, Enterprise and Innovation, Deputy Bruton, had to devise a structure whereby such a scheme can operate. A tender process is required. The Bill, which will be taken in this session, is a major priority for the Minister. While I cannot give an exact date, it is very close. Obviously, the Minister had to go through a deal of discussion to get a structure that will work. Let us hope that when the legislation is introduced and passed by the House it will pay dividends for those who are involved in small and medium-sized enterprises in particular.

In regard to mortgages and the passing on of interest rates, we have made it perfectly clear that interest rates are reduced by the ECB for a particular reason, that is, to assist with the flow of liquidity and to reduce pressure on hard-pressed taxpayers and those with mortgages, and that banks should not be making a killing out of it. The question of mortgage distress is obviously of great importance to the Government. The Keane report made recommendations and an implementation group has been set up. The reason I have not come back yet is because of the complexity of legal issues arising from the Personal Insolvency Bill. I expect that Bill will come before Government for approval next Tuesday and we can then move forward with a package.

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