Kilkenny Fianna Fail TD John McGuinness has welcomed the establishment of the Credit Review Office, an independent dedicated centre to ensure that the credit system is operating effectively for small and medium-size businesses. SMEs are businesses with fewer than 250 employees, turnover of less than €50m, and/or a balance sheet value of less than €43m.
This office is designed to make sure credit flows to viable businesses that are making valid requests to the banks that are being covered by NAMA.
“We need credit to flow to protect jobs,” said Deputy McGuinness. “The review process will cover cases where credit is refused, reduced, or withdrawn; or where an application to restructure credit facilities or debt is refused. It will cover applications for credit of between €1,000 and €250,000.
“It’s very important that as many people as possible are aware that this appeals process is in place for businesses. The banks participating in NAMA (AIB, Bank of Ireland, EBS, Anglo Irish Bank, and Irish Nationwide Building Society ) have been requested to display information in branches highlighting the office and publicise the Credit Review Office in their correspondence and dealings with their customers. It’s very important that the banks do this very quickly.
“As well as having access to this new review process the Minister for Finance Brian Lenihan is imposing strict lending targets on AIB and Bank of Ireland to benefit businesses. Each bank will be required to submit SME lending plans both by geography and sector for 2010 and 2011 to the Department of Finance within six weeks. The two banks will make available not less than €3 billion each for new or increased credit facilities. This will maintain and create jobs in SMEs, which are the engine of our economy.”
“More information on the functions of the Credit Review Office is available at www.creditreview.ie and a dedicated helpline is available for queries on 1850 211 789. The office can also be emailed on info@creditreview.ie,” concluded Deputy McGuinness.
