Niall Collins
Question:148. Deputy Niall Collins asked the Minister for Finance his views on correspondence (details supplied) regarding financing; and if he will make a statement on the matter. [11222/17]
View answerTuesday, 7 March 2017
Questions (148)
Written answers
As the Deputy is aware, small and medium sized businesses (SMEs), such as the construction sector firm in the details provided, play a central role in the sustainable recovery of the Irish economy. Government policy is focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. Section 3.5 (Ensuring Finance for Growth) of the Action Plan for Jobs 2017 (APJ) sets out a range of commitments to ensure viable SME's can access appropriate finance at a reasonable cost from both bank and non-bank sources.
The Deputy will be aware that in my role as Minister for Finance I have no direct function in the relationship between the banks and their customers. I have no statutory function in relation to the banking decisions made by individual lending institutions at any particular time and these are taken by the board and management of the relevant institution. This includes decisions in relation to products and lending as determined by the banks.
There are a number of initiatives that have been introduced to assist SMEs with access to credit. I would particularly recommend that the firm set out in the details supplied make contact with the Credit Review Office (further information below):
In 2014, I launched an SME online-tool, a website which makes it easier for small businesses to find information on over 170 Government business supports from 30 Departments and Agencies. On answering eight quick and simple questions, businesses are returned a list of all available Government business supports tailored to their business requirements, with further information on each support and contact details for follow-up. I would encourage all SMEs, at any stage of their development, to check which supports are available. The Supporting SMEs online tool can be found at www.supportingsmes.ie.
The Credit Review Office helps SME or Farm borrowers who have had an application for credit of up to €3 million declined or reduced by participating banks, and who feel that they have a viable business proposition. They also look at cases where borrowers feel that the terms and conditions of their existing loan, or a new loan offer, are unfairly onerous or have been unreasonably changed to their detriment. This is a strictly confidential process between the business, the Credit Review Office and the bank. Further details on this process are available at www.creditreview.ie.
The Government remains committed to the SME sector, as reflected in the Programme for a Partnership Government, and sees it as a key engine of ongoing economic growth. Consequently, my Department and the Credit Review Office, working with the other relevant Departments and Agencies, will continue to monitor the availability of both bank and non-bank credit on both a macro and sectoral basis in order to ensure that sufficient access to finance is available to facilitate indigenous viable SMEs, including those in the construction sector, to reach their full potential in terms of growth and employment generation.