The Credit Review Office provides an independent review process for SMEs, sole traders and farm enterprises that have had requests for credit refused or had existing credit facilities reduced or withdrawn from the banks that were, at the time, participating in the NAMA scheme. Since it started in 2010, other banks have voluntarily joined the process. The banks currently covered are Allied Irish Bank, Bank of Ireland, PTSB and Ulster Bank.
The Credit Review Office aim is to form an independent, impartial opinion on whether your business is viable and will generate enough cash to repay the loan.
They have no statutory or regulatory powers to overturn bank lending decisions. However, if it is their view that the lending could have been made within acceptable risk boundaries, the bank will be required to comply with this recommendation or explain to the Credit Review Office why it will not do so. In over 90% of the cases supported by the Office, the banks have accepted the Credit Review Office Opinion and complied with the recommendations.
As part of its remit, the Credit Review Office publishes regular reports for the Minister for Finance on the outcome of its appeals process. This is in order to inform Government of the performance of the credit system’s in participating banks.
There are two forms to be filled out in order to apply for a Credit Review, The Borrower Applications Form and The Borrower Administration Form both of which can be downloaded on the website www.creditreview.ie. The complete application must be received by the Credit Review Office within 20 working days of your receipt of Bank decline letter or Bank letter indicating withdrawal or reduction of facility.