Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

We have been pointing out the difficulties with this programme for some time. The Joint Committee on Jobs, Enterprise and Innovation is currently discussing SME financing and had the pillar banks in a couple of weeks ago. We got the sense that this was an add-on and that the credit guarantee scheme was not being taken seriously. This was something that was there but the banks were not pushed by it. When one looks at the target announced in October 2012, it was €450 million over three years. We have got to €11.6 million since then. All the indications are that the scheme is not working and no amount of tweaking will change it. It sends a bad message about the new State investment bank announced in the run-up to the local elections.

Does the Minister see the legislation being introduced before the recess? What was the flavour of the review? What weaknesses and difficulties were identified which will be reflected in the legislation?

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