Thursday, 2 May 2013

Questions (64)

Michael McGrath

Question:

64. Deputy Michael McGrath asked the Minister for Finance his plans to put in place a formal timetable for banks to deal with restructuring small and medium enterprise loans in a manner similar to the targets set under the mortgage arrears resolution process; and if he will make a statement on the matter. [21022/13]

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Written answers (Question to Finance)

The Central Bank of Ireland will set quarterly institution-specific performance targets for covered banks to move distressed borrowers onto longer-term solutions by the end of this quarter. The targets set will reflect Banks’ capacity, processes and systems. I should stress that the Credit Review process remains available to any SMEs whose credit has been reduced or withdrawn by the pillar banks as well as when credit is refused by them. I would strongly advise any SME whose credit is reduced or withdrawn to avail of the services of the Credit Review Office.