Donie Cassidy (Fianna Fail)

I welcome the Bill and thank the Minister for introducing it in the House. As many speakers stated, it is one of the most important Bills ever to have come before Seanad Éireann. I have no wish to reiterate some of the excellent points made. However, I do want to refer to one or two matters, particularly in the context of the funds that will be made available to the banks and the sacrifices that will be made by the Government and the taxpayer.

What level of accountability will apply to the banks with regard to the percentage of funds that will be made available to the SME sector? I am concerned about small family-run SMEs which have a good track record, provided employment and run their financial affairs in an orderly manner. What guarantee will they have, particularly those involved in export businesses, or what guarantee will the Minister provide that the banks will lend a percentage of the funds they will receive through the ECB bonds to SMEs straightaway? It is not good enough that they will lend for a three or six-month period and then review the situation because SMEs are under siege. Anybody involved in an SME will tell the Minister the banks are not playing their part.

The retail sector is on its knees. A retailer with a good track record over five, seven or ten years is entitled to assistance. Retailers provide employment but will not be able to stay in business if the credit line available from the banks during the bad months of the year does not continue. I understand some banks are not playing their part in this regard.

Entrepreneurs, innovators and investors who created the Celtic tiger and took risks to create wealth for the country have paid millions into the Exchequer in the past ten or 12 years, whether through PAYE, PRSI, income tax or VAT. When NAMA takes over their holdings and investments in property, will they be given an opportunity to present their business plans for the next three, four or five years? It is crucial that these innovators, creators and investors are retained, recognised and acknowledged for what they have done and achieved and contributed to the economy in the past ten to 15 years. I know of many family businesses which will go to the wall and of some whose investments will be taken over by NAMA. These owners may have put up 20% to 25% of the funding for these projects in hard cash. We need to assure them that their business plans will be considered by those involved in NAMA. Approximately 50% of the time it is the individuals who started these projects who will be able to make them work when the global economy picks up again.

Senator Martin Brady asked about involving the Office of Public Works in valuations. Why is it not being used as its expertise in the valuation area is second to none?

Most of the other issues involved have been raised. I want to see us emerging from this difficulty and taking the opportunity to invest and create jobs again. Given half a chance, Irish investors are as good as anyone anywhere else in the world. If the Government and NAMA can create an opportunity, they will not be found wanting.