Credit move will help SMEs

The strengthening of the power of the Credit Review Office has been hailed as a potentially key breakthrough in small firms’ ongoing battle to access funding.

Up to now, the CRO — established in 2010 to monitor credit flow to SMEs — has only been able to assess cases where firms have felt they’ve been unfairly refused credit of up to €500,000. However, Mr Noonan’s move to up that limit to €3m has been welcomed.

Earlier this year, CRO chief John Trethowan, who had lobbied for the increase announced yesterday, said that with so few lending banks in the Irish market, at present, increasing the scope for firms to appeal to his office could prove a “vital additional benefit” to firms.