Credit review interventions result in €7m credit for 69 small firms

In the last two years, interventions from the Credit Review Office (CRO) has resulted in nearly €7m being advanced to 69 small firms.

The companies were initially refused funding by the banks, but the decisions were overturned on appeal by the CRO.

A further 48 cases were upheld in the banks' favour over the same period.

In the last three months alone, 17 decisions to refuse funding have been overturned resulting in the supply of €2m in credit. Work is ongoing on another 31 cases.

In his quarterly review, credit reviewer, John Trethowan said he was disappointed there was not more support for "enterprise risk-taking" on new and increased lending in the banks' current lending policies.