Local T.D. and Minister for Children and Youth Affairs, Frances Fitzgerald, has called on the local business community to engage with the public consultation on the Credit Review Office (CRO). The consultation was launched by Minister for Finance, Michael Noonan, and is seeking suggestions from members of the public on what more the CRO can do to ensure SMEs are getting the support on bank lending they require.
“This Government is committed to doing all it can to strengthen businesses in order to create more jobs in our economy. One of the ways in which we are delivering this, is through the Action Plan for Jobs 2012. The Action Plan contains a commitment to assess the CRO to ensure that SME’s are getting the support on bank lending they require,” explained Fitzgerald.
The CRO helps SME’s who have had an application for credit declined, reduced or disagree with changed terms and conditions on their existing loan. They can then review this decision with 60% of cases referred to them resulting in bank’s original decision being overturned by the CRO.
“The CRO is already providing an important opportunity for businesses to review credit decisions by banks. I welcome the announcement by Minister Noonan that he has opening this consultation process up to members of the public who feel they have suggestions which could further enhance the work of the CRO.
“The consultation is looking at the process and the remit of the CRO and submissions can be made to email@example.com until the 21st of December. I would encourage interested people to get involved, particularly businesses who have had direct experiences with the CRO and who have faced issues with getting the credit they need from their banks. Those interested in the process who wish to get more information on the process should contact my office for further details,” concluded Fitzgerald