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Finance Minister Michael Noonan is calling for suggestions from members of the public on what more the Credit Review Office can do to ensure SMEs are getting the support on bank lending they require.

The Minister explained:

The Action Plan for Jobs 2012 contains a commitment to assess the Credit Review Office to ensure SMEs are getting the support on bank lending they require. Following a tender process, Grant Thornton won the contract to carry out the assessment and produced a report containing a number of valuable recommendations.

I would like to open up the process to members of the public who feel they have suggestions which could further enhance the work of the CRO in ensuring SMEs are getting the support on bank lending they require. I would particularly invite SMEs who have direct experience of the CRO to make a contribution. All suggestions put forward will be considered with an open mind as we are trying to get as many ideas as possible which will develop new thinking on the issue. Suggestions can be as short or as long as applicants wish.

Suggestions could be put forward in relation to:

The review process - Does the CRO process work from the viewpoint of the borrower? What changes should be made to it? What more could be done to increase the number of reviews?

The remit of the CRO - Does the CRO do all the things that it should to assist the flow of credit to SMEs? Should its remit be expanded and extra powers be granted, and into what areas? Where should the CRO be positioned in the overall structure of State advice and assistance to SMEs? Would a specific link to the Central Bank or to Community Enterprise Boards assist in improving accessibility to the service? Should the thresholds for review be increased? Is the charging mechanism appropriate?

An email address has been set up croassessment@finance.gov.ie which will accept suggestions from all interested people or groups. The email box will remain open until 21 December 2012.

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