The Credit Review Office has increased the limit forloan applications that can be examined from €250,000 to €500,000 following representations from business groups and the Department of Finance.
In a statement from the Finance Minister he announcedthat the increase was supported because of the small number of applications made to the Credit Review Office to date despite the large volumes of complaints from SME’s in accessing credit. A total of €1.75m in disputed applications only were referred to the Credit Review Office to date.
The Credit Review Office provides an independentreview process for businesses and sole traders who have been refused facilities by NAMA Banks AIB and Bank of Ireland.
It is hoped that the increase will encourage those whoare refused to seek an internal review of the application and refusal and then refer the matter to the Credit Review Office.
Jimmy Dolan is a Director in OSK. Contact OSK today one of Ireland's leading auditing firms for all your tax and auditing services.
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