Joan Burton (Dublin West, Labour)
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99. To ask the Minister for Finance if he has reviewed the most recent quarterly bank watch study from ISME on the ability of small and medium firms to get loan approval and access to credit; his views on the refusal rate of 35% for requests for credit; and if he will make a statement on the matter. [34109/16]

Michael Noonan (Limerick City, Fine Gael)
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In terms of credit availability to SMEs from the banking sector, I would draw the Deputy's attention to the most recent Department of Finance Credit Demand Survey which covers the period October 2015 to March 2016. This survey series seeks information from a significant sample of Irish SMEs from all sectors and regions of the country. A total of 1,500 telephone interviews were conducted with a random sample of Irish micro, small and medium SMEs. The survey shows that, when pending applications are excluded, 80% of credit applications to banks were approved or partially approved.

The Central Bank of Ireland's SME Market Report for the first half of this year also shows that rejection rates, for credit applications by SMEs, continues to decline and that they are now in line with the euro area average.

SMEs who have had an application for credit of up to €3 million declined or reduced by the main banks can seek support from the Credit Review Office (CRO). This is a Government initiative which provides independent reviews of credit decisions at the request of SMEs. It is a strictly confidential process between the business, the CRO and the bank. The CRO overturns more than 50% of appeals it receives.

I can assure the Deputy that my Department and the CRO, working with  other relevant Departments and Agencies, will continue to monitor the availability of both bank and non-bank credit so as to ensure that Irish SMEs have sufficient access to finance.