Fidelma Healy Eames (Fine Gael)

The question I am constantly asked in Galway is how many of our businesses will make it to Christmas. These are perfectly fine businesses but they need cashflow to survive. We are talking about people's livelihoods. Banks are not supporting these businesses when they need it, even though we bailed out the same banks. Businesses must pay their rates soon and have just paid their rents, which remain high, and their taxes. At the same time, suppliers are curtailing the amount of credit they are willing to provide for businesses.

Why are the banks cutting back? This question must be answered. Is it because they are short of capital for lending? If so, why not recapitalise them? The banks claim such capitalisation is not required, but this is merely a case of management protecting its own interests. It is a sinister development. International best practice suggests that we should recapitalise the banks, fire all senior management, clean out the boards and start afresh.