John Perry (Sligo-North Leitrim, Fine Gael)

Introducing new products and services, exporting to emerging markets and innovation are all risky. The Bill will enable the Government to absorb some of the risks of lending to businesses so they can get on with what they do best. We must dismantle unnecessary barriers which stymie growth and hold back investment. This is what the Government is determined to do and the Bill moves in this direction.

Access to credit is crucial and consulting on the issue with business has been a major priority for me. In conjunction with the Department of Finance I held a series of regional meetings to discuss access to credit with key stakeholders. The meetings allowed Mr. John Moran, the Secretary General of the Department of Finance, to hear first-hand the views and experiences of local business representatives, bank representatives and State agencies. These meetings ensured Government policy on credit and small and medium enterprises are based on as much information as possible. I met various companies on the margins of decisions on commercial lending to small and medium enterprises because they had insufficient security or the lender did not have the skills to carry out an appropriate assessment of the business. It is essential to address this issue in a way that will not reduce the onus on banks to honour their commitments to increase overall lending to the small and medium enterprise, SME, sector but which would facilitate additional lending, over and above those commitments.

In conclusion, this Bill is important legislation that will be of assistance in the Government's plans to reshape the financial landscape in order that it is more effective in meeting the needs of Irish business. The Government is taking decisive action to create the environment that will support new companies, new jobs and new economic opportunities. Such action keeps open the doors of Irish business, supports existing businesses to scale up and expand and facilitates more people, who have the ambition and drive, to set up their own businesses. This Bill is just one of the many steps for delivery on such a challenging agenda.