Dáil Éireann Debate, Thursday - 19 July 2012
48 Deputy Michael McGrath asked the Minister for Finance if he has plans to review the effectiveness of the Credit Review Office; if he will provide details of any such review; and if he will make a statement on the matter. [36170/12]
View answerThe independent Credit Review Office (CRO) was set up under statute (SI 127 of 2010) and reviews decisions of the pillar banks to refuse credit facilities as well as undertaking other activities to assist SMEs obtain credit. The Action Plan for Jobs 2012 contains a commitment, to be completed this year, to "assess the Credit Review Office to ensure SMEs are getting the support on bank lending they require." The SME Credit Consultation Committee, chaired by the Secretary General of my Department, provides a forum where stakeholders can communicate and interact regarding difficulties in relation to SME credit with a view to proactively solving them. The next meeting of the Committee is due to take place on 24 July and one of the items on the agenda is the terms of reference for the assessment of the CRO. It is anticipated that when the terms of reference are finalised, my Department will engage consultants to carry out the task and produce a report which will be circulated to the Committee for discussion.
