Credit reviewer confident over new role

THE head of the new Credit Review Office – aimed at overseeing bank lending to SMEs – has expressed confidence in his role making a difference, despite the fact that he will have no statutory powers.

At yesterday’s launch of the office – which was established by Finance Minister Brian Lenihan in last December’s budget – the new Credit Reviewer, John Trethowan, said his mission was to ensure the credit supply systems were working correctly, but that his role will be an impartial one.

The Review Office’s remit will initially just cover loan applications with a maximum value of €250,000 and those relating to the five NAMA-bound institutions, although that could be extended to other banks in the future.