Ciarán Cannon (Fine Gael)

This issue was raised yesterday by Senators Donohoe, Hanafin, Callely and Glynn, and I raised it on 23 June. It is the constant refusal by our banks to give the support in credit terms to business, especially small indigenous business. Every time the issue is raised the Leader's response is that we will invite the Minister to the House to discuss it. Again yesterday that was the response he gave to our four colleagues who raised the issue. Invariably the Minister who comes is the Minister of State, Deputy Mansergh, who disappointingly is becoming increasingly glib and dismissive of the issue. His response the last time was to say that a review is being carried out of bank lending practice and the results will be available soon.

While that review is going on we are losing almost 2,000 jobs a day. Given that his family is heavily involved in business, the Leader must surely know that this is a major issue. I spoke to a businessperson last week who is heavily indebted to one particular bank. He is a developer. He sought to start a business in one of his developments and planned employing 25 people. He received 320 applications for those 25 jobs. When he went back to the bank, which was screaming for a cash flow from him, with his business proposal, it refused him the credit to begin the business.

The taxpayers have given a major transfusion to our banking system and yet the very life-giving blood that business needs is not forthcoming. It is a major issue that does not seem to be addressed in any serious way in this House. As Senator Twomey said earlier, this is the forum in which we could find out exactly what is happening within our banking system. Appointing directors to these banks is not the solution. Their sole fiduciary duty is to the entity - the bank - and not to Irish business or the taxpayer.