FG wants Credit Review Office’s remit expanded

FINE Gael has called for an extension to the remit of the Credit Review Office (CRO) to include existing loans and working capital grants to small and medium sized enterprises (SMEs).

The CRO was established as part of last December’s budget and was formally launched earlier this year. Its brief is to oversee bank lending to SMEs, even though its head, John Trethowan, has no statutory powers.

Fine Gael spokesperson on Enterprise, Trade and Employment Leo Varadkar said: “The CRO currently only hears complaints about unsuccessful applications for new loans. The remit should now be extended to hear complaints about banks increasing interest rate margins, withholding working capital and squeezing overdrafts.”