Richard Bruton (Dublin North Central, Fine Gael)

The proposal on a strategic investment bank is being studied within Government. A series of banking products are emerging from the Government, for example, the micro-finance product, the partial loan guarantee product, the development capital product and the innovation funds. We are providing products across the range of SME needs to respond to what is recognised as a market failure in the banking system. The banks are risk averse and are not meeting businesses' needs. Maybe they never did. They need to be refocused on the needs of export-led, small companies.

A strategic investment fund is being established. This will tap into the National Pensions Reserve Fund, NPRF, and make funds available to be drawn down by small companies. While it is not a bank in the strictest sense, we are introducing a range of banking products to complement what is available from the banking system and to address the issues raised by the Deputy.

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