Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

One can challenge legal advice, but law always comes down to the precise meaning of words.

While the purpose of much of what we do is the creation of jobs, that is not the direct purpose of this legislation. The purpose of this legislation is to provide credit to SMEs in a manner not previously provided and by an institution that has not existed heretofore. A consequence of this is that the SME sector grows and jobs are created. Employment is a consequence of what is being provided for in this legislation.

Competitiveness is a direct purpose of this legislation because we are providing therein a direct alternative source of credit to the SME sector as distinct from the sources of credit already in place. Growth in the economy is the first macro consequence of the provision of the additional credit. Employment is a secondary consequence. It is in this space the legal argument is made.

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