Catherine Connolly (Galway West, Independent) | Oireachtas source

I agree with Deputy Shanahan's comments on procurement. That process was introduced, ostensibly, to make the position fairer and to ensure fair competition. From my limited experience of four years on the Committee of Public Accounts, however, it seems that there are serious problems in the way the process operates to the disadvantage of businesses in Galway and other areas. It certainly must be looked at. I understand that it was being examined, although I forget which Department was involved. It would be great if the Minister of State could clarify the matter because we were in receipt of ongoing representations from the likes of the Galway and Roscommon Education and Training Board, which highlighted the problems relating to procurement.

As I always do, I thank the Oireachtas Library & Research Service. I realise that it is under pressure but it has produced an excellent document to give us an overview of the Government's proposal and previous legislation from 2012 and 2016. It is important to thank the Oireachtas Library & Research Service because it does a great job in educating us. If we do not follow through on that, it is our own fault.

Before getting into the intricacies of the matter, it seems Deputy Boyd Barrett has absolutely captured the nub of it. We are setting up a €2 billion fund, which is good to make credit available but this will be done through three pillar banks while ensuring that their level of risk is tiny. We should really be looking at community banking. The Opposition tried to suggest this to the previous Government, which said it could not be done, although other countries, such as New Zealand and Germany, have done it. We are now looking at the three pillar banks to do this. Although I will get to the minutiae, I must state that what is being suggested seems incredible. Deputy Boyd Barrett is absolutely right in saying this is socialism for the banks and capitalism for the taxpayer. I could not have put it any better than he has.

To put it in context, we are being told that this credit guarantee scheme will be the largest of its type in the history of the State. As with the existing credit guarantee scheme, it will be operated by the Strategic Banking Corporation of Ireland. We have been told that all loans and credit facilities will be made available through the three participating banks, which are AIB, Bank of Ireland and Ulster Bank. I listened carefully to the Minister of State and I understood that this is open to other credit institutions. I am not sure why we do not know who they are. When will we know? I am sure the Minister of State will clarify that when he speaks again.

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