Credit Review Group established to monitor banks lending
The Government has established an independent Credit Review Group to monitor lending practices by banks availing of assistance from NAMA, according to local Fiann Fáil TD Niall Blaney. 08/04/10Small to medium sized enterprises, sole traders and farm enterprises who have had their application for credit refused or reduced, or who have had credit facilities withdrawn, can apply to the Group for a review.
The relevant financial institutions are Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, EBS, and Irish Nationwide Building Society.
“I want to urge eligible groups who find that they are refused credit from financial institutions participating in NAMA to avail of the service of the newly established Credit Review Group,” Deputy Blaney said.
“This is an important part of the Government’s plan for banks. In return for recapitalisation assistance these financial institutions must free up credit to viable businesses.”
“The return to a healthy flow of credit is a crucial condition of the Banking Recapitalisation Plan because businesses and farm enterprises need credit to operate.”
“Initially people must appeal a refusal for credit to their bank. If the appeal process is unsuccessful they can then avail of the service of the Credit Review Group. “
“The outcome of appeals will be regularly reported to the Minister for Finance Brian Lenihan TD.”
“More information is available from the Credit review Group at 1850 211 789 or from www.creditreview.ie,” concluded Niall Blaney TD.
