Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

In terms of liquidity, we have the €450 million working capital facility, which provides loans from €25,000 up to €3 million at a reduced rate of 4%. Some Deputies believe that rate should be even lower but the normal price for overdraft facilities in the market is 8%, so it is a considerably reduced price. As part of that, businesses can avail of loans of up to €500,000 that are unsecured, which is important. Businesses that do not have security can still apply for the Covid-19 working capital facility. The loans are for up to three years.

In terms of the banks, I spoke to the heads of the three main banks yesterday and the day before and they have assured me that they have given forbearance. Two thirds of the requests coming in are for payment breaks and the other one third are for an increase in overdraft facilities. They tell me that they are working with their customers and have extended their forbearance from three to six months, which will be of comfort to some people. They also tell me that people are averse to borrowing and I understand that. I absolutely understand that because people got scalded before and lost their shirts and everything else, with huge debts. Every lender has a duty of care to its customers as well, which I also understand.

Deputy Naughten raised a number of different issues. We are working on a suite of supports. We are working very hard and have consulted all of the different representative groups. I have had conference calls with them all. I have spoken to all of the LEO representatives, to 22 representatives from chambers of commerce throughout the country and to the board of ISME. I have spoken to many different stakeholders and the issues the Deputy has raised are coming through. As part of the suite of supports, we will examine all of those suggestions. As the Deputy will appreciate, we are trying to get the best supports targeted at the right place and at the right time. We all want the same thing at the end of the day, which is to get these businesses back up and running.

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