Billy Kelleher (Cork North Central, Fianna Fail)

That was a very important first step in making sure we did not have a systemic run on the banks and economic meltdown in Ireland. We moved on to nationalisation of Anglo Irish Bank but, importantly, we also had a capitalisation programme for the two major banks, following which Mazars prepared an analysis of lending to SMEs. We are aware that businesses are finding it difficult to access credit. Following the Minister for Finance's recent announcement in the Budget Statement of a credit review body under Mr. Trethowan, it will be set up quickly and will work to ensure that if people are being refused credit, an appeals mechanism will be available independent of the banks.

The banks also have a fundamental role to play. The relationship between them and the people has fundamentally changed through the guarantee and the capitalisation programme. The banks have an obligation to shareholders and, equally important, the State to ensure credit flows through the broader economy. Any retraction of credit has an immediate impact on the ability of companies to trade and continue to retain or create employment. For that reason, I urge the banks which I have met on numerous occasions to ensure that, when they analyse a business plan, they consider it in the most positive frame of mind possible and that they positively consider lending money. They have become risk averse. We must change this culture to ensure they step up to the plate and honour their commitments under the previous capitalisation programmes in order that they can play a critical part in ensuring we return to growth in 2010. As I have stated on a number of occasions, if Senators or Deputies have information in this regard, they should pass it on to the credit supply clearing group in my Department. Where a business has been refused credit and believes it should have been granted it, given its viability and the creditworthiness of the individuals concerned, this should be highlighted. We want to have that type of information to bring it to the attention of the banks through the credit supply clearing group. Senators and Deputies should feel free to forward such information to the group which will pursue the issue through the mechanisms set up within the Department.

Last year the Government introduced the enterprise stabilisation fund which aims to support viable but vulnerable companies experiencing difficulties because of the current economic climate. We supported more than 181 companies, helping to retain 7,500 jobs. Applications for the fund are coming in quickly in 2010. Some might say it is only 7,500 jobs but we need only talk to any of the individuals whose jobs have been retained to know it is significant.