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2011-05-24

Irish credit will give more SME lending

John Trethowan, head of the Credit Review Office, said that some form of Government initiative was needed to help viable businesses in cases where lending would be outside the prudential lending polic

Speaking at the publication of the fourth quarterly report of the Credit Review Office on Sunday, John Trethowan, head of the Credit Review Office, said that some form of Government initiative was needed to help viable businesses in cases where lending would be outside the prudential lending policies of the banks.

He added that scheme’s current €250,000 threshold to be lifted to at least €500,000, and for non-Nama banks to be encouraged to join.

The Credit Review Office was set up by the last Irish government. When a bank refuses a business to grant a loan or reduce the loan amount, and the business feels that the bank's decision is unjustified, it can approach the office for reconsideration once the borrower has already gone through the bank's own internal loan appeals process.

The reviewer had said Sunday of 76 lending decisions, 23 were overturned and a further 22 upheld with six yet to be considered in the quarter ended May 2011. The rest of the applications are still being considered.

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