Banks urged to review credit rejection process

Banks are being urged to review their process of informing small and medium-size business owners and farmers their request for credit has been rejected.

The Oireachtas finance committee is seeking new protocols from the bailed-out institutions which would make it easier for businesses to appeal their decisions,.

It comes after figures show a low rate of appeals to the Credit Review Office — suggesting many people are not aware of the agency which was set up in 2009 as part of a policy to increase the flow of credit.