Ulick Burke (Galway East, Fine Gael)
Link to this: Individually | In context

Question 214: To ask the Minister for Finance the number of businesses that have requested a review of their loan applications from the Credit Review Office since its inception; the number of loan applications which were upheld by the Credit Review Office; the number of loan applications which failed to qualify for loan assistance; and if he will make a statement on the matter. [35789/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

While attending at the Joint Committee on Enterprise, Trade and Innovation on 21 September, Mr Trethowan informed the Committee that "Approximately 20 applications have been sent to the office for review, of which we have dealt with about ten, of which five have been upheld." It is important to be clear that Mr Trethowan does not offer loan assistance, he can only make a recommendation after his review and the bank is not obliged to follow it. However as Mr Trethowan told the Committee, the banks have followed his recommendations to date. These figures have not significantly changed since then.

The Credit Review Office has also formalised the internal review process within the two main banks and a number of refusals are being overturned by this process without ever going for review. The number of applications for review is disappointing and I would encourage any business which is refused credit to seek an internal review followed if necessary by the Credit Review Office.