Peadar Tóibín (Meath West, Sinn Fein)

Gabhaim buíochas as ucht deis a bheith agam labhairt ar an mBille. Rud an-thábhachtach é. In the last while I have been before the Minister and a number of others to discuss the Bill and the issue of credit as it affects small businesses. If anything, I can be criticised for barracking the Minister and his colleagues on the need for speed in getting funding to businesses. Every day five businesses go to the wall. This is shocking for the individuals involved and their families who have invested so much time and effort in trying to grow businesses. It also has an enormous effect on the domestic economy. It is part of the reason jobs are being shed at such a rate. It is, therefore, important that a response is made as soon as possible. Sinn Féin will not try to slow this process in any way.

This is happening because the banking system, the job of which is to fund small businesses and which has received €64 billion from the Government and its predecessor, is not, according to business sector organisations, fulfilling that responsibility. The Irish Small and Medium Business Enterprises Association, ISME, states 50% of its members are not receiving the funding they are seeking. The Bill is to target €150 million in a three year period. That amounts to between 2% and 4% of the funds needed by the business community. This is not sufficient to deal with the problem; therefore, the problems in the banks cannot be ignored.

My party tabled a number of amendments to the Bill on Committee Stage. In an effort to make loans more accessible, we sought to reduce the 2% so-called administration charge being levied on them. The businesses seeking loans will be under pressure and, therefore, less able to pay extra amounts over and above normal credit costs. However, our amendments were ruled out of order, whether by the Bills Office or the Ceann Comhairle, because it was claimed they would involve a potential charge on the Exchequer. We proposed that administrative costs be included, but that they should not amount to 2%.

I agree with my colleague on the Opposition benches that it is important to include in the Bill elements that will make its provisions happen faster and put money in the tills of the businesses which need it. Every day we prevaricate five businesses will go bust. People will be lost to the State through emigration; jobs will be lost and there will be a further reduction of the domestic economy. I appeal to the Minister to do everything in his power to ensure this happens fast.

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