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The role of the Credit Review Office is to ensure the credit system is operating effectively for small and medium-sized enterprises, including sole traders and farmers. It provides a simple and effective review process for businesses that have been refused credit from banks, and reports regularly to the Minister for Finance on credit trends to help ensure an increased flow of credit for viable businesses. If a business or farmer has had a credit facility of €1,000 to €3,000,000 refused, reduced, withdrawn or restructured and feel that the bank's decision is unjustified, they can apply to the Credit Review Office for an independent review of the credit decision.
The Reviewer will consider if the business is viable and if the lending could have been made within acceptable risk boundaries.
To date, the Credit Review Office has been able to overturn over 50% (1 in 2) of banks' refusals.
Participating banks are AIB, BOI, Ulster Bank and PTSB.