Donie Cassidy (Fianna Fail)

The achievements of the social partners have been acknowledged worldwide. They have been examined by many nations, some of which have sent delegations here, including the United States of America. I had the great honour of meeting Mr. Tim Kaine, the Governor of Virginia. He acknowledged the wonderful achievements of Ireland in the 20 years during which the social partners were closely involved in deliberations. That success must be acknowledged.

Senator McFadden referred to small and medium sized businesses and the 48% which have been refused credit. I understand this has been the norm for the past 12 months. However, now some 12 months have past and we have assisted the banks in their hour of need. I understand the Government initially participated in assisting the banks in the interests of the depositors and is now re-financing them. On the Order of Business last Tuesday I welcomed the fact that two major banks are making loans available to first-time buyers at 2.45%.