In the December 2009 budget, the Minister for Finance announced the setting-up of an office to help ensure that small and medium-sized enterprises (SMEs), sole traders and farm enterprises have access to credit from the banks who are participating in the NAMA scheme.
The Credit Review Office has been established to provide a process to review decisions by the participating banks to refuse, reduce or withdraw credit facilities. SMEs, sole traders and farm enterprises are eligible to apply to the Credit Review Office for a review of decisions by participating banks to refuse or reduce credit facilities (including applications for restructured credit facilities) up to €250,000.
All borrowers have the right to appeal an unsuccessful credit application through each banks internal loan appeals process and this is the first step you should take. The Credit Review Office review process will be made available to eligible borrowers following an unsuccessful bank appeal.
Full details of the Office and how to apply for a Credit Review are available at www.creditreview.ie .