Fine Gael Leader Enda Kenny has welcomed the establishment of the Credit Review Office to aid small and medium enterprises such as farmers and retailers. Businesses that have had their loan requests refused, credit refused, or credit facilities withdrawn can make an application to the Credit Review Office which will undertake an impartial review of applications. However, this is dependent on the applicant having previously gone through the financial institutions’ own internal appeals process.
“The newly established agency of the Credit Review Office will play an important part where customers of financial institutions have ended up with their application being refused and feel that the decision is unjustified,” Deputy Kenny said. “Unfortunately, there is a fee for this service with a minimum charge of €100 to a maximum charge of €250; many businesses are already on their knees and this may discourage them from availing of the service.”
