Enda Kenny (Mayo, Fine Gael)

The Economic Management Council has had a number of meetings with the bank. Any meeting with the bank did not actually constitute, in itself, a Cabinet sub-committee. So I can say to the House and to you, a Cheann Comhairle, that the Government had a series of detailed questions for the banks, which we met collectively and individually. We asked about how the banks are ensuring SME credit targets will be met; practical initiatives to ensure and assist SMEs access credit, which is a big issue and was discussed last week; and willingness to implement and support the Government's action plan for jobs for small business - we got reassurance on a number of those issues. We also asked about mortgage credit; how banks are ensuring that credit is available to support the Government's budget initiative; the checks and balances being put in to ensure that the conditions on mortgage credit are fair and balanced, and not unduly restrictive; whether banks are monitoring outcomes between different regions; the situation that applies in the case of mortgage arrears; and the strategy for each of the banks. We discussed examples of how banks are assisting those in difficulties. We asked about progress in respect of the Keane report; when their teams will be in place to sit down with individuals who are in mortgage distress, negative equity and very concerned about their positions; and when they expect to provide their reports to Mr. Elderfield for consideration of the sectors and the categories involved here.

These are all issues that were discussed with the banks. I assure the Deputy that there was a comprehensive discussion of the financial situation of many people, access to credit, mortgage distress and mortgage arrears. While I am no favourite of the banks, I must say that their plans - if they follow through on them - were very constructive in a number of areas and I would like to see them happen. We need a banking system that has the trust of people and works in the interest of business. From travelling around the country - sometimes meeting some of the Deputy's colleagues - I find that the younger generation working in the banks work exceptionally hard and take the brunt of the stick which was not due to them in the first place because of decisions made higher up. I will be happy to report to the House on a regular basis on the progress being made here.

To clarify, that was one of a number of regular meetings with the banks which, of itself, did not constitute a Cabinet sub-committee. The EMC is such a committee.

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