Mary White (Fianna Fail) | Oireachtas source

On Monday, the Irish Examiner had a wide-ranging interview with the Minister for Jobs, Enterprise and Innovation, Deputy Bruton.

My colleagues on both sides of the Chamber know I have raised on many occasions with the Minister and the Minister of State, Deputy Perry, the lack of finance available to small and medium companies. According to the Irish Examiner yesterday, the Minister stated banking has completely recoiled from lending to small businesses, that this must be rebuilt and that we must we re-do the finance system. Are Opposition Senators shocked?

Will the Leader clarify what the banks and Government define as "new lending"? Company credit renewal cannot be defined as new lending, which is the key term. I am sure all Senators who have a nose for business know that, yesterday, John Trethowan of the Credit Review Office issued his ninth quarterly review. It criticised the refusal of the pillar banks to back small and medium enterprises and highlighted the need for more funding to be approved for these hungry firms. Their importance to our economy cannot be underestimated, with more than 195,000 such enterprises employing more than 850,000 people. Will the Minister for Jobs, Enterprise and Innovation to come to the House to explain why in an exclusive interview with the Irish Examineryesterday he stated there is no doubt banking has completely recoiled from lending to small businesses when on many occasions he has adamantly insisted they were lending? According to the banks they have delivered their targets, but what are these targets? Do they involve companies adding to an overdraft? I want to know the basis of the ¤3.5 billion a year the banks state they have given to companies. Is it new loans or rolling over overdrafts? What collateral do they demand from the business people? It is all about jobs and nothing else.