Richard Bruton (Dublin North Central, Fine Gael)

-----and he has brought a new dynamism and a new understanding of the needs of business and results are being seen in that area.

In reply to Senator Mooney, I have not yet seen that report so I cannot comment on it but I will read it. Senator Higgins made the point that we need to take a forensic attitude to the banks. We are already developing some of the elements of the strategic investment bank. The State is moving to fill in some of the failures in the banking space, so to speak, with actions such as microfinance and guarantees and also with regard to the strategic investment fund which has already funded through pension reserve funds a series of innovation funds which are aimed at the most progressive, high-growth companies. We are now committing to using similar funds for development capital, which will help companies which need capital to progress to the next level. We are developing a series of policy instruments in the banking area which at the moment are travelling under strategic investment funds but in the longer term, the notion of a strategic investment bank knitting these together is very much on the Government's agenda. We are moving rapidly to fill gaps as we see them.