TÁNAISTE AND Minister for Enterprise, Trade and Employment Mary Coughlan could not say yesterday when the Nama process might see more credit becoming available for business.

Ms Coughlan told The Irish TimesNama would increase liquidity in the banks so they could lend to business. "Nama is the best option in my view, and as Minister for Enterprise, Trade and Employment the thing that is hugely important to me is that we get liquidity into our banks and that [they] can lend to business."

When asked when the injection of cash into the banks through the Nama process might lead to increased lending to business, Ms Coughlan said: “I don’t really have a timeline, because as you know this is going to be an evolving thing.”

A spokesman for the Minister for Finance, Brian Lenihan, said changes to the Nama legislation concerning the requirement of the banks to lend to business might be introduced at committee stage. Asked how much of the €54 billion being raised by the banks through Nama should be loaned to business, he said: “We don’t have a definitive amount, but we would like to see a significant amount of the money being placed out there in the economy.”

He said the Government could not make the banks issue loans to businesses that might not be viable.

The two big banks were insistent yesterday there was no difficulty on credit being available for business. “We are sanctioning nine out of every 10 applications [for credit],” said Denis O’Callaghan, AIB’s general manager of retail and SME business.

A Bank of Ireland spokeswoman said: “All our available capacity is focused on Ireland, with the key focus on SMEs and first-time buyers.” In the first six months of 2009 the bank loaned €1.5 billion to SMEs, compared to AIB’s €859 million. “We want to do business and make a margin. That’s how we grow,” she said.