Peadar Tóibín (Meath West, Sinn Fein)

We welcome the initiative and the work of the Government on this facility. We probably differ on two issues, the first of which is the ambition of the project, bearing in mind that we understand the Government is under financial pressure and that it seeks to protect the taxpayer, as we do, from exposure.

Given the 14.9% unemployment rate, the number of businesses that collapse everyday, the number of start-ups that cannot even get off the ground - the stillborn start-ups, as it were - the many entrepreneurs who must continue their activities outside of this jurisdiction and the nearly 200,000 people who are long-term unemployed, the Government needs to be more ambitious in its investments, in making credit and grant funding available to businesses and in the programmes and job activation processes that it offers to businesses.

We welcome this initiative. As the Minister stated several times, the efforts made to date have not been successful. In the round, this initiative is positive. The EU presents the State with many opportunities. We are a pro-European party and it is important that Ireland take full advantage of funds, for example, the European Globalisation Adjustment Fund, EGF, and the European progress microfinance facility.

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