Dáil Éireann Debate, Thursday - 24 January 2013
19. Deputy Michael Moynihan asked the Minister for Jobs, Enterprise and Innovation the consultation he has had with the Department of Finance on foot of the assessment of the Credit Review Office; the actions he is taking in response to same; and if he will make a statement on the matter. [3337/13]
View answerThe Credit Review Office (CRO) was established in March 2010 by the then Minister for Finance. The Credit Review Office mandate is to ensure that viable SMEs have access to credit from the pillar banks, by reviewing banks’ decisions to refuse or reduce credit facilities. In that context, the outcomes of the appeals that the CRO undertake are collated into a regular report for the Minister for Finance to inform the Government how the credit system is operating in the participating banks.
I also meet with the Head of the CRO, Mr John Trethowan, on a regular basis to discuss the ongoing work of his Office.
In October 2012, the Department of Finance undertook a review of the CRO in line with a commitment in the Action Plan for Jobs 2012. As part of the consultation process, officials of my Department and, separately, I as Minister, engaged with the consultants. The Review was published in November last and a wider public consultation ensued.
A high-level SME State Bodies Group, chaired by the Department of Finance meets on a regular basis to co-ordinate policy formulation and implementation across relevant Government Departments and Agencies focused on SME access to finance. Officials from my Department participate on this Committee, and the recommendations arising from the review of the Credit Review Office are now being reviewed and progressed by that forum. As a first step, the Department of Finance has sanctioned an increase in the numbers of reviewers on the credit review panel, in order to facilitate faster processing of decisions, which was a recommendation in the CRO assessment report. Officials are currently looking at how to implement further appropriate changes to the CRO regime, in line with the recommendations of the report.
