Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

I will make two points. Across the schemes €150 million in new facilities has been put in place by my Department alone under the Government's initiatives. This is very significant. New finance from the banking sector is only at €2 billion. We are making a significant impact in that we now have the Strategic Bank Corportation of Ireland and the SME funds from the National Pension Reserve Fund. Therefore, we have two other sources being rolled out.

Those who are refused loans should appeal to the Credit Review Office and seek an appeal by the bank because in 70% of cases in which decisions are questioned these decisions are reversed either by the bank or the Credit Review Office. The Credit Review Office is a really important tool to support the SMEs that are having the bad experiences about which the Deputy spoke. It is an ally which should be used more. As only 3% of all those refused challenge the decisions, 97% walk away.

We need these refusals to be challenged. We also need to promote the new sources of finance we now have. They will be enhanced significantly this year.

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