Paul Coghlan (Fine Gael) | Oireachtas source

On a separate point, I agree fully with Senator Mooney’s comments on what has happened in Manchester. The cooperation between Manchester City Council and the Irish community is wonderful. It was great that the Taoiseach was there yesterday.

Much has been made of the recent commentary by Morgan Kelly about our SME sector and the stress testing of our banks to happen later this year.

It was prudent of the Minister for Finance, Deputy Noonan, to have the Central Bank examine the underlying data used in connection with his speech at UCD. I find myself much closer to the views of the Governor, Mr. Honohan, on stress testing. I believe the outcome will be mild and tolerable and that we should not get excited. Let us remember that the SME sector has suffered like every other sector. Now it is a few years on and the banks are largely restructured at this stage. I do not think there is any reason to get into a sweat about the SME sector and the banks. It is vital for the State and the taxpayer that the banks end up profitable and that the SME sector survives so that the economy will thrive.