Credit Review Office: Raise Appeals Ceiling to €3 Million Now

Chambers Ireland has today (14/06/13) welcomed the 11th report of the Credit Review Office (CRO) showing that since 2010, upheld appeals have resulted in €16.8 million credit being made available to SMEs and farms, protecting 1,297 jobs. 

Speaking this morning Ian Talbot, Chambers Ireland Chief Executive said, “244 cases have now been completed by the CRO with 135 of those decisions in favour of the borrower. While this is still a very small number of applications, it highlights the role that the CRO can play in processing credit decision appeals. More businesses need to use this avenue to appeal a decision that they do not agree with.” 

“One positive trend over the last two quarters is an increase in credit appeals for expansion working capital and for potential investments in fixed assets to grow businesses in response to improving confidence in the economy. All confidence building measures are to be supported, in particular Mr. Trethowan’s request for the limit of appeals to be raised from €500k to €3m. This would be of significant benefit to SMEs particularly those looking to refinance debt from institutions that are in wind down mode.”

“As with previous reports, evidence suggests that the pillar banks are largely supportive of medium and low risk new lending proposals. We must ensure that credit is available to all viable SMEs and as such it is vital that issues such as response times and front line experience of banking personnel must continue to be addressed,” he continued.

“Finally, Chambers Ireland will continue to encourage members who have a query on a Pillar Bank lending decision to undertake the full appeals process,” Talbot concluded.

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For further information contact Amy Woods, Chambers Ireland on 01 400 4319, 086 6081605 or email amy.woods@www.chambers.ie .