Éamon Ó Cuív (Galway West, Fianna Fail)

That decision was made before the election. Those in the current Government knew all about it when they promised the €20 billion. I am simply asking where it has gone. The idea was good but the figure was outrageous. I do not know where we were supposed to get €20 billion from. Under this scheme the banks will run rings around the Government. Perhaps the old idea of the Agricultural Credit Corporation, ACC, or the Industrial Credit Corporation, ICC, would be better. They were modest State banks. It is fair to say many businesses received money from them when the ordinary banks would not lend it, and those banks worked profitably. They also had a significant stimulation effect. If a person approached one of the regular banks looking for money and they had no wish to do business, that person could always go to the ICC or the ACC. Given all the traumas that have taken place with the banks, it would be a good idea for us to hive off some institution as a business bank. It need not be exactly the same as the ACC or the ICC. It could be an agricultural and industrial credit corporation that would not get involved in property. It could have a remit limited to agriculture and industrial development. It could be a modest bank rather than the €20 billion bank referred to. That could be enough to stimulate the market and ensure the other banks were made aware that if they did not lend money to potentially good businesses, there were other firms watching which might be able to fill the gap.

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