In the December 2009 budget, the Minister for Finance announced that a simple and effective review process would be set-up for small and medium-sized enterprises (SMEs), sole traders and farm enterprises that have been refused credit from banks participating in the NAMA scheme, and to examine credit policy to assist the Minister in deciding what further actions may be necessary to increase the flow of credit.

The Credit Review Office has been established to conduct this review process and will accept applications from SMEs, sole traders and small and medium-sized farm enterprises that have had their application for credit refused or reduced or have had credit facilities withdrawn, and feel that the bank’s decision is unjustified. The Credit Review Office will, on application from the borrower, carry out an independent and impartial review of the bank’s decision.

The review process will review decisions to refuse, reduce or withdraw credit facilities (including applications for restructured credit facilities) from €1,000 up to €250,000. Each review will only apply to a specific declined credit application up to €250,000 and not to any other borrowings which may exist.