Damien English (Meath West, Fine Gael) | Oireachtas source

We will probably get a chance on Committee Stage to go through many of the suggestions that were made. I thank the House for the support for the Bill. Most Members across the board supported it. I noticed that Deputy Martin Kenny did not like how we are going to administer the loans, but he did not put forward any other way to do it. Most Members agree, therefore, that this is the right approach to take regarding this intervention. Again, this is only one initiative and some €12 billion more in supports will be announced as part of the July stimulus plan. This is a mechanism to ensure we can get our banks lending those who need it at good interest rates as quickly as we can.

Many comments reflected on the existing scheme that has been operating since 2012. I want to clarify that this is a very different scheme. We are changing the criteria and putting an allocation of €2 billion behind this initiative, compared to €150 million for the other initiative. This is, therefore, a very different scheme. We are changing the portfolio cap and the businesses that can be supported, and we have no doubt that this scheme will work and will be able to respond to the demands created by the impact of Covid-19. People are making judgements on a scheme that was not necessarily needed in the seven to eight years pre-Covid-19. We know, however, that because of what has happened since February and March that we need a new scheme and this legislation is intended to respond to the needs of today.

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