Patrick O'Donovan (Limerick County, Fine Gael) | Oireachtas source

I thank the Acting Chairman and the other Deputies for facilitating the brief interruption where we were able to discuss with officials some of the issues raised by Deputy Pearse Doherty.

In relation to the issues Deputy Doherty raised, particularly around the start of the point, the Deputy is correct that the percentage of the fund that will be available to SMEs is not necessarily that which will be available to Ireland. It is available to the European Union as a whole.

On Deputy Doherty's last point, before I get into the some of the other issues, the Deputy is correct as well in relation to the European response to this. There has been much criticism of Europe's response and it is noteworthy that, from an Irish perspective, as the Minister for Finance has stated previously, we must be seen to respond to those countries in the greatest level of need. While the initial response from the EU was rightly criticised, there is now upwards of €0.5 trillion over three different instruments, two of which are subject to the legislation we have here before us this evening, and those countries that are in the greatest level of need will have the greatest level of access.

Deputy Doherty asked in relation to the SBCI. The Deputy is correct again that it is via the pillar banks those moneys can be accessed from the scheme before the House this evening.

The Deputy also asked whether there would be memoranda of understanding with the Strategic Banking Corporation of Ireland, SBCI. There will. These will determine the extent of the administrative charges. This applies to all schemes for which the SBCI will act as intermediary. That is the case as it stands.

The last point the Deputy raised related to the credit guarantee scheme on which the Tánaiste began interfacing this week. He is quite correct in his assessment. We want to make sure all instruments that are available, including the SBCI instrument and any of the other instruments for which we are legislating this week, provide the greatest level of access to those with the greatest need. I again thank the Deputy and the other Members of the House for their indulgence. I again put on the record of the House my apologies on behalf of the Minister for Finance.

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