My question relates to a number of points raised by Deputy Tom Fleming about legislation already passed by this House regarding mortgages and the provision of funding from the banks to the SME sector. Will the Taoiseach consider reviewing legislation and regulations to allow credit unions to enter the market? They have almost €7 billion which they could make available for mortgages and the SME sector. Is that not a less bureaucratic way of getting money directly to the small businesses that need it, including some of those in the retail sector which the Taoiseach mentioned earlier?

Will the Government look at the regulations of the Central Bank and the legislation governing this area to determine if it is possible to reduce the level of bureaucracy applied to small loans?

Officials in the Department of Finance met a group promoting the establishment of a public banking system similar to the model in Germany. The people who operate that banking system in Germany have been to Ireland promoting the idea and have met Department officials. Will the Taoiseach allow this matter to be debated? This system supports the SME sector very successfully and was not affected by the banking collapse. Will the Government allow this type of system to be introduced and bring forward legislation to allow it to happen?

Hear, hear.

In regard to funding for SMEs, there probably has never been as much facility as there is now for access to credit at low interest rates which currently apply following the setting up and the implementation of the strategic banking corporation.

They cannot get it.

That is in theory but not in practice.

It is only open for business in the past ten days. It was set up within 12 months and is financed by our reserves, the KfW bank and the European Investment Bank-----

Did the Government's posse get grants?

-----and there will be leverage for up to €4 billion in loans between two and ten years at lower interest rates for small and medium enterprises, which is very important.

Where do they go for it?

There is considerable interest in the non-banking sector providing access for credit. Many multinationals acquire banking licences for companies which use their facilities and products. This has been serious growth in this area. I accept that officials were here and spoke to officials from the Department of Finance. I cannot comment on the outcome of those discussions-----

Show me the money.

-----but I am quite sure it would require legislation, if the Minister for Finance feels that it is necessary or worthy of following through. Any such legislation would be discussed in this House.

In respect of the credit unions, the Deputy will be aware that the Central Bank regulates the credit unions. This issue has been around for some time now. We will wait and see how the discussions evolve, but the Central Bank is the regulator and not the Minister.