Alan Farrell (Dublin North, Fine Gael)
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45. To ask the Minister for Finance if he will consider increasing the credit limit for the Credit Review Office to investigate loans that have been refused to small and medium business; and if he will make a statement on the matter. [33281/13]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy may be aware that the Credit Reviewer stated in his eleventh quarterly report that he had asked that the threshold by which the Credit Review Office (CRO) review decisions to refuse, reduce or withdraw credit facilities (including applications for restructured credit facilities) be raised from €500,000 to €3 million. I published an assessment of the Credit Review Office late last year which contained a number of recommendations to make the CRO more effective in encouraging and increasing the supply of credit to SMEs. One of these recommendations was to increase the resources of the CRO and I sanctioned the appointment of additional reviewers at budget time last year. The procurement process for additional reviewers has been completed and the possible implementation of a number of the remaining recommendations in the assessment is being examined.

In looking at the implementation of other recommendations, my officials have also been considering where the CRO should fit into the broader overall strategy of ensuring credit availability for viable SMEs and the level of the threshold is one aspect of this strategy.