Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I stated earlier that, as a result of the debate in the Dáil, the Minister has given a commitment, in the context of payments into the fund or repayments to Ireland, that there will be a report within three months. The details will be included in any annual or subsequent report. The Minister has also committed that when the fund's annual audited statements are approved, including by the Irish representative on the committee, they will be brought back to the Oireachtas for discussion. There is not a mechanism of the kind in question, however.

With regard to borrowing, I said at the very beginning that this provision is mainly for businesses. Some 95% of the fund is expected to be for private companies. I am telling them to start looking for the funding. Only a tiny proportion of this fund is earmarked for public sector bodies, which can borrow from the EIB in any event. Therefore, they are not depending on the fund in order to borrow from the EIB. I do not believe we can produce a report dealing with only 5% of a fund and not the other 95%.We have to wait until we receive the total amount. Again, the majority of it will represent lending to the private sector, so there will not be scrutiny of the financial affairs of every company that obtains a loan from this. It is important to say that while there will be debate, no confidential or financially sensitive information on any small business in Ireland that goes through this process will be a part of any report. That has to be understood in case Members felt there was a lack of transparency. That is as much as I can say and I cannot give any further commitment other than what the Minister has said.