Mick Wallace (Wexford, Independent)

I thought I heard it said here a few months ago that no people would be thrown out of their houses, but perhaps I misheard that. There is no funding available for small and medium-sized businesses. I do not understand how this is. We heard so much about a strategic investment bank, but there is still no sign of it. Patrick Honohan said this month: "A key societal function of banks and other financiers is the gathering and processing of the information necessary to make good loan decisions and to continue monitoring the performance of borrowers, intervening promptly where necessary to protect the sums advanced". It is clear this did not happen in the boom times and it is clear it is not happening now either. The effectiveness of any financial system relates to how it caters for firms when they are in need and is best evidenced by its capacity to service small firms.

There is no logic behind what is going on. It was interesting to hear the suggestion of the British politician Vince Cable this week. He suggested the RBS should be used as a new British investment bank, with a clean balance sheet and a mandate to lend to sound businesses. That would be a great idea here, would it not? We are prepared to use taxpayers' money to throw at the banks lock, stock and barrel, but we cannot tell them what to do. They tell us they are meeting their lending criteria and guidelines but we know that is not true. Since when did the banks tell us the truth? Most of the banks only moved towards restructuring, not new loans. If people need money from a bank in this country, it is hard to get it but it is easy get it if one does not need it.

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