Jimmy Harte (Labour) | Oireachtas source

The Minister of State is welcome to the debate on this important subject. Last week was armistice week in Europe and one of the epitaphs on the Menin Gate in Ypres is "For your tomorrow, we gave our today." The epitaph for the latter part of the 20th and the early part of the 21st century could be "For our today, we took your tomorrow". We owe it to the next generation, which has yet to be born, and the children starting school, to fix the economy. We are now in a debt war and it is hanging over every family throughout most of western Europe. Unless we sort out debt, the generation that is yet to be born will look back on us and say that we left it with nothing.

The Government is moving in the right direction and the domestic economy is the secret. We must generate credit in the domestic economy. Today I met Mr. John Trethowan of the Credit Review Office and spoke about the issues and progress he is making. I am confident the work he is doing with his staff in getting small businesses finance, with the assistance of the Government, is a positive development. At the same time, he is under-resourced and could do more with greater resources. With the help of the Minister for Finance, the Minister of State should seek to strengthen the staffing levels of the Credit Review Office so that, working with the county development boards, small businesses can be helped to get off the ground and businesses that are surviving but unsure of the future can be helped to get access to finance. The Credit Review Office also has a function in respect of large employers employing hundreds of people.

The evidence is that the banks, when they can, are still holding back on providing finance. There is a role for us, therefore, in promoting the credit guarantee scheme and the microfinance loan schemes that have been put in place. Many small business are not aware of these schemes. Accountancy firms and bodies must also promote the schemes and engage more with the Credit Review Office. It has said that any case it deals with where there is a satisfactory outcome helps to preserve and create jobs. Therefore, it has an important function.

Senator Feargal Quinnmade an important point when he said that pension funds should be released for the purpose of clearing debt. I would hold the opposite view having spoken to people in that field. The pension funds were put aside by people in business to ensure they could live in comfort during retirement. That is an important point.