Jimmy Harte (Labour)

I welcome the Minister, who I believe has the most important job in the Cabinet to regenerate the country and get people working again. If we were to compare Ireland to a car, it would probably be a good strong Volvo or Saab which has good infrastructure and is well built but we do not have the petrol to run it, which is how I regard credit. If credit is not available, regardless of how good our products and infrastructure might be, if people are not spending money then businesses cannot prosper.

I have read the fourth report of the Credit Review Office by Mr. John Trethowen. One item stands out where it states that the demand for SME credit remains unmeasured. It is of concern that we cannot measure it, unlike the UK which has a better measure of demand. We cannot trust what the banks are telling us because anecdotal evidence is that banks are offering, for example, €50,000 to a business that needs €100,000, which is of no use. That is an issue the Credit Review Office under Mr. Trethowen can pursue. The office comes in at the end of the cycle. In some cases a fledgling business might approach the Credit Review Office to get its views before going to the bank. The Credit Review Office might advise either that the business is wasting its time or that the bank should look at it and the business could come back to the Credit Review Office if it has a difficulty. From my experience of being self-employed and having a business of my own, I know the last thing someone wants to do is go to the bank. On many occasions the company's accountant does it or the business owner does it with his or her accountant. However, the Credit Review Office might have the expertise to review a business proposal and advise whether it thinks credit might be offered. The business owner could then go the bank with confidence because the Credit Review Office believed he was in the market for funding.

Senator Clune mentioned jobs in the digital sector. The report presented to us by the Digital Hub company stated £1 in every £5 spent by the British consumer was spent online and that there was a massive market for Irish business. I do not know what the top line of consumer spending in Britain is, but 20% of consumer business is a massive amount. As we speak the same language and have the same culture as the British, this offers an opportunity for Irish business to tap into that market which is embracing online marketing and purchasing more than we are. The Digital Hub company stated there was an opportunity to promote online business.

We have an opportunity to get the car back on the road with help from all relevant Departments. People must start to spend money they obviously have, but they need an incentive to spend. I wish the Minister luck in his portfolio.