Tom Shehan (Fine Gael)

Like my colleagues, I would like to welcome the doctors from Bahrain and Ms Sheila Dixon, the head of the INMO, to the House.

Members have spoken about illegal moneylenders but I want to speak about the legal ones, namely, to the two main pillar banks, Bank of Ireland and AIB, which are struggling to meet lending targets of €3.5 billion in new loans to small and medium-sized businesses. Targets were set down for each lender and recently they have come forward for a second time to indicate they will not reach those targets. The combined lending for small and medium enterprise loans during the first three months of this year was broadly similar to the figures for the first quarter of 2011 when they each had to sanction €3 billion in new small and medium enterprise loans. While I will concede that lending traditionally picks up in the second half of the year, it looks likely now that the Irish banks will not meet the lending targets set down for them by the Credit Review Office. We must examine this issue. I should not have to point out that credit is the lifeblood of small and medium-sized businesses throughout the length and breadth of the country and that they provide sustainable jobs. The people own these banks and we should be dictating to them. The banks are afraid to lend. I know of businesses employing up to ten people which need between €10,000 and €20,000 to stay afloat but they cannot access this money, which is resulting in them going out of business and the unemployment figures increasing. The failure of the pillar banks to lend money to Irish SMEs is costing jobs every day but we do not hear about it when only five or ten jobs are lost. The SME sector comprises mostly small, viable, family-run businesses that are committed to providing long-term sustainable jobs in Ireland. They need cash flow, not excuses. The people who run them work up to 80 hours a week and they need cash flow. I call on the Leader to invite the Minister for Finance to the House to outline what measures are being put in place to ensure the pillar banks meet the €7 billion lending target set for them.