Michael Creed (Cork North West, Fine Gael) | Oireachtas source

When the State is putting in money, the challenge is whether it is getting value for that money. The report published with the budget on the €150 million low-interest loan working capital scheme clearly showed that it was value for money but that it had also delivered in terms of generating other competition in the finance sector for working capital. This raises the question of getting value for money in further initiatives with taxpayers' money. I believe it would be a mistake to repeat that kind of scheme when the market is already delivering a similar type of product in terms of working capital. The gap in the market that now exists is not for working capital because all the indications are that this is available. The gap in the market is for longer-term solutions, by which I mean those over seven years, so it would money over eight to ten years in the form of unsecured borrowing at interest rates that are very competitive. The product we are bringing out will meet all of those challenges in terms of unsecured borrowing at less than 5% over eight to ten years for capital investment. The working capital side has been addressed by the €150 million scheme but, more importantly, it has also generated further competition in that area.

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