Seán Sherlock (Cork East, Labour)

It is important to answer the point. A charge had to be made under State aid rules. We all accept that premise. That is fact. The decision was for 0.8% upwards. The Government chose 2% as the most appropriate rate because one must allow an appropriate figure to be able to cover losses contributed to by administrative and other costs. One must factor that in. We are dealing, essentially, with taxpayers' money and we must factor in a potential figure for those losses and 2% was deemed to be the most appropriate figure in that respect.

I have just been handed a note on the progress fund. We do intend to approach the European Investment Fund, EIF, re support for the microfinance fund. That will be introduced in the Houses in the coming weeks. There will be progress in that regard. Perhaps we can communicate with the Deputy on that particular issue as well.

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