herald

Saturday 16 December 2017

Banks must lend more - report

THE lending policies of the country's banks should be reviewed, a new report has stated.

The Credit Review Office (CRO) said banks need to show more evidence of "enterprise risk-taking'' in order to support economic recovery.

The office provides an independent view on the refusal of credit to small and medium sized businesses and farms.

John Trethowan of the CRO said he is disappointed there is not more evidence of support for "enterprise risk taking" in current lending policies by banks.

Over the past three months, the CRO has received 44 applications from SMEs which have been refused credit by AIB and Bank of Ireland. Work is ongoing in 31 of the cases.

Of the cases from the last quarter, 17 banks refusals were overturned. It resulted in the two banks supplying €2m of credit. The money supported a further 140 jobs in the SME sector, the CRO said in its latest quarterly review.

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