Dáil Éireann Debate, Thursday - 16 January 2014
36. Deputy Michael McGrath asked the Minister for Finance the steps being taken to ensure that the issue of small and medium-sized enterprise debt is being tackled; if he is satisfied with the progress being made; and if he will make a statement on the matter. [1632/14]
View answerIn June 2013 the Central Bank set quarterly institution-specific performance targets for covered banks to move distressed SME borrowers onto longer-term solutions. The targets set reflect the banks’ capacity, processes and systems. It is not intended that these targets will be published. I am informed by the Central Bank that the banks have reported that they have met their required targets to date.
I should stress that the Credit Review process remains available to any SMEs whose credit has been reduced or withdrawn by AIB or Bank of Ireland as well as when credit is refused by them. I would strongly advise any SME whose credit is reduced or withdrawn to avail of the services of the Credit Review Office.
The Government recognises that SMEs are the lifeblood of the economy and play a vital role in the continuing recovery of employment growth in our country. In this regard specific measures to promote access to finance amongst SMEs, including measures relating to debt restructuring, have been a central feature of the Government’s Action Plan for Jobs.
