All deposit taking institutions must play their part in making credit available to SMEs

Chambers Ireland today (13/07/10) welcomed the publication of the first report of the Credit Review Office.

Seán Murphy, Chambers Ireland Deputy Chief Executive said, “We note the findings of the Report of the Credit Review Office, however this Report only addresses the lending practices of the two main banks in Ireland. We urgently need all other banks to commit to participating in this process so that all stakeholders in business banking in Ireland are fully informed.”

“As the economy starts to recover, we are concerned at the lack of experience identified amongst some front-line bank staff in dealing with SME’s and helping them with their loan applications. Banks need to take this concern on board and ensure that staff have the skill-sets needed to adequately process and assess loan applications.”

“While the commitment by AIB and Bank of Ireland to lend €3bn over the next two years is good news, this does not address the needs of the 40% plus of the market not serviced by these two banks. All deposit taking commercial institutions must play their part in making credit available to business and engaging with the Credit Review Office process,” Murphy concluded.

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For further information please contact Jessica Dempsey, Press & Communications Officer, Chambers Ireland on 01-4004303, 086-6081605 or email jessica.dempsey@chambers.ie.