The European Central Bank pumped an extra €529 billion into the EU financial system yesterday. That brings the total amount that has been invested in the three-year programme to more than €1 trillion. Up to 800 banks across Europe have taken advantage of the programme. At a macro level, this initiative of the ECB has been described as a game-changer. In reality, it has not filtered down to the real economy. Businesses up and down the country are finding it practically impossible to access loans or proper credit facilities to enable them to protect existing jobs and create new ones. The absence of credit is causing businesses to reduce their workforces. In some instances, they have to close down altogether as a consequence of the failure to get credit.

Two days ago, the Taoiseach told the House that the Government intends to meet the banks "in a couple of months" to deal with this problem. According to the Credit Review Office, credit targets are being met. Its calculations are based on credit approvals, rather than actual credit drawdowns, and take account of the restructuring of existing loans, as opposed to the provision of new credit facilities. Even though bank deposits are stabilising and the banks are getting access to critical finance from the ECB, the banks are being far too rigid and inflexible. Every Deputy in the House can cite examples of small businesses that are unable to access credit. Many companies are in dire trouble as a result of the tightening of credit across the country. In light of this critical problem - not to mention the pressure on mortgages - is it any wonder that the domestic economy is flagging? What does the Government intend to do to alleviate the shortage of credit? In particular, what will it do to get the banks operating properly in the interests of small and medium enterprises and the broader interests of the economy as a whole?

I am delighted to see the leader of Fianna Fáil here this morning. Like Deputy Martin, I welcome the provision yesterday of €529 billion by the European Central Bank for the European economy. As the Deputy said, those funds are in addition to the €450 billion that was provided by the ECB before Christmas and bring to almost €1 trillion the total amount of money the ECB has committed over recent months. It was certainly the Government's view that funding should be committed to the European economy in order to support it. That was something we had been seeking for some time. I agree with the Deputy that it is important for those funds to work their way right into the economy.

The Taoiseach and I have met the banks to discuss three issues. We met representatives of each of the groups - Ulster Bank, Bank of Ireland and AIB - just over a week ago. The first of the three issues we discussed was the need to lend to small and medium sized businesses, in particular, to ensure credit is available to businesses to allow them to support existing jobs and create new ones. We also discussed how the banks can co-operate with all aspects of the Government's employment creation strategy, particularly the action plan on jobs. The third matter we discussed was the issue of mortgage lending and mortgage arrears. In addition, we are arranging for discussions to take place with businesses and banks at local and regional level. The Minister of State, Deputy Perry, has undertaken a series of regional meetings that will bring these discussions right down to ground level. I understand that successful meetings took place in Cork and Waterford in recent times.

The Government will continue to engage with the banks. The meetings that were mentioned by the Taoiseach earlier this week are part of the Government's programme of engagement with the banks. Some of that engagement is happening on an ongoing basis at official level and some of it is happening at a political level. The Taoiseach and I are having direct meetings with the banks and the Ministers for Finance and Public Expenditure and Reform will also meet them. This is part of an engagement by Government with the banks to ensure that credit is provided for small and medium-sized businesses and that there is support for the Government's strategy, which is set out in the action plan on jobs, in order to create employment.

The Tánaiste's engagement with the banks is wholly ineffectual. The bottom line is that companies are not getting access to credit and small businesses throughout the country are complaining. We have all been given examples on a weekly basis of tightening credit, of cash flow being cut off, of a very rigid and inflexible approach being taken towards people who want to protect jobs or who want to create new jobs. The banks are looking after themselves and no one else.

The Tánaiste talks about engagement and regional meetings, yet we have had regional meetings for two to three years now and we have had all this debate. People do not want any more discussion nor do they want any more timid engagement. They want action. They want the funding that is being put into the banks by the State and the taxpayers and the massive amounts of money that has been provided by the European Central Bank to be filtered down into the real economy, onto the high street and the factory floor but this is not happening.

The Taoiseach acknowledged two days ago that many companies will not go through the Credit Review Office for fear of retribution, for fear that they will be punished by the banks if they dare complain that they are not getting fair treatment or fair access. We cannot wait for months, we cannot have another series of regional meetings where people talk politely in halls or in meeting rooms about how nice it would be to have access to credit. This is choking the economy and it is choking the sector that creates most jobs, up to 700,000 and 800,000 at the peak of the boom. It is the sector that will have to be the engine for growth and job creation in the future.

I remind Deputy Martin that unlike the previous Government, this Government is having discussions with the banks about lending to small and medium-sized businesses. In his opening question, Deputy Martin wanted to know what the Government planned to do to discuss the issue of the provision of credit to small and medium-sized businesses through the banks. The Government has already been in talks with the banks about this issue.

Just talks.

There is nothing timid about it.

The analysts say it is not happening.

Deputy Martin has raised an issue which the Government has well under control. We have published the action plan for jobs, we have set out the kind of funds that will be established in order to provide credit and start-up capital and to help business to create jobs.

Where is the credit guarantee scheme?

Clearly, the banks have a critical role. It is a condition of the recapitalisation of the banks that they are to lend to small and medium-sized businesses-----

That is not happening.

-----and that they lend to people trying to get mortgages. The Government is way ahead of Deputy Martin in this regard.

It is not about me or about the Tánaiste but the people on the factory floor.

The Deputy is asking about something that is already being done-----

-----and I can assure the Deputy that the Government will continue to do that. No stone will be left unturned so that credit is provided to small and medium-sized businesses and that the funding being provided through the European Central Bank works its way through the economy in order to create jobs.

It is not happening.

Poor old Minister of State Perry is not convinced.

I remind Deputy Dooley there is no point in asking questions if a Member is not prepared to listen to the answer.

Who wants to be the leader?

Is Deputy Billy Kelleher running for leader?

Deputy Kelleher, please cool down.