Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Minister said in response to my question about the banks profiteering from the EIB guarantee scheme that there will be a memorandum of understanding between the relevant parties. I presume the relevant parties in this case are each pillar bank and the SBCI. Has that memorandum of understanding been drafted? Will it be laid before the Houses? Does it actually prevent the banks from profiteering from this pandemic in the way I have outlined by increasing the rate they will on-lend to SMEs? I would like to have sight of the memorandum because, as I have said on numerous occasions, and like the former Taoiseach, not only do I not trust the banks, but I would also like to see things for myself and check and double-check them. I ask the Minister of State to answer those questions. Has the memorandum been drafted? Is it available for us to scrutinise here? I mentioned that we are asked to take this on good faith. What is the understanding as to whether the memorandum of understanding will actually prevent the banks from charging anything above the operational costs of distributing this money to SMEs?

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