Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The Deputy is absolutely right that access to finance is crucial for businesses, and particularly the small business sector. It is not a well-known fact but currently one third of all lending to SMEs is now Government backed - it is State-backed lending. That is done through various schemes, including Brexit loans, Covid loans and the future growth loan scheme. It has been recently confirmed that Microfinance Ireland, which lends to very small businesses, will now be able to lend through the Strategic Banking Corporation of Ireland, SBCI. That will allow us to provide additional lending through Microfinance Ireland to very small businesses. It will be welcome in small towns and villages and rural areas in particular.

I absolutely agree that the decision of Ulster Bank to leave State is bad news, but it presents an opportunity. The Minister for Finance is talking to its owner, NatWest, and has had some discussions with AIB and Permanent TSB on what opportunities might arise to reform banking and create new forces in the banking sector in Ireland.

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