Eugene Murphy (Fianna Fail) | Oireachtas source

On the one hand, it was fantastic to see everywhere opening up. Going along the quays this morning, one certainly knew that it was a new day. I have not seen such traffic chaos for a long time. Nevertheless, we must stay patient because the most important thing is the joy being brought to many businesses, families and people and the hope that we are finally exiting what has been a terrible time. I would still sound a note of caution. We must still be very careful about how we proceed.

I welcome the Minister of State. I listened to his contribution. This is very important legislation. I acknowledge the involvement of the Tánaiste and Minister for Enterprise, Trade and Employment and the Minister of State in the context of the SBCI and the implementation of the Brexit impact loan scheme. It might be fair to say that in some respects we do not know what the effect of Brexit will be. We were all consumed by Brexit. After a while, it was not about Brexit, it was about Covid. As we try to get back to some form of normality, we may have more concentration on Brexit and its effects. For counties and areas like my own, the Galway-Roscommon region, and given the importance of farming and small business, it is important that we support them in every way we can. This scheme provides an 80% guarantee to participating lenders on loans to Brexit-impacted businesses and will be underpinned by a counter-guarantee through the European Commission’s pan-European guarantee fund, which is managed by the European Investment Bank Group.

One great thing we have seen in recent years in my county and adjoining counties - mainly rural counties - is agrifood really taking off. This sector is being affected by Brexit so it is so important that we have this type of scheme and this type of lending. It is very welcome to see that the credit union movement has been involved. Senator Garvey referred to that as I was making my way here. In our part of the country, banks are pulling the plug left, right and centre. I made the point here last week that in part of north-east Roscommon, more than 12,000 people will not have access to a bank branch. However, we will have our credit unions. It is really important that when we are producing legislation like this, we include credit unions because many farmers and small businesspeople will deal with credit unions in the future.

The Government has designed the new Brexit impact loan scheme and, as has already been stated, it will provide up to €330 million in lending with loans up to six years being available. Through the SBCI, the Government is inviting all financial providers, including banks and credit unions, to take part. This is extremely important.

The issues facing Irish enterprise have been exacerbated by the challenges of Brexit and the Covid-19 pandemic. As Members are aware, among its European peers, Ireland is uniquely exposed to the effects of Brexit, which is a significant challenge for our society. Talking to small business owners and farmers, I can see that we have a very resilient population. I hear much talk about how we will not get people back to work but I think that as people see Covid go away, they will go back and will appreciate their jobs. The important thing is to be able to keep our businesses alive. In that regard, I certainly hope that when they see a business is viable, our banks will support it fully because they need the support of our banks.

The documentation relating to the Bill states that it is intended that the scheme will be open to SMEs and small mid-caps, which are businesses of up to 499 employees, including those engaged in farming and fishing. Is there a minimum figure?If employers employ five, eight or ten people, can they participate in the scheme or must they have a certain number of employees in order to qualify?

This is an important day and this is important legislation. I thank the Minister of State for listening to what I have had to say.