Chambers seek better Credit Access
20th August 2010
Speaking after a meeting between the head of the Credit Review Office, Mr John Trethowan and Chambers in the Cork Region*, Killian O'Sullivan, Chairman of Cork Regional Chambers stated, "We welcome the ongoing efforts of Mr Trethowan and the Credit Review Office to promote their services amongst the business community, but called for greater marketing of the important services it offers to businesses who have been faced by a refusal or a reduction in credit facilities".
Mr O'Sullivan also acknowledged that, "It was highlighted at the meeting that there was a general unawareness amongst businesses that the office also has the power to look at cases where banks are revisiting terms or delaying decisions. The Regional Chambers highlighted that these additional powers should be actively advertised to businesses in order to address the slow uptake of the services of the Credit Review Office".
Conor Healy, Chief Executive of Cork Chamber stated, "When one considers that getting loans to flow more normally to small businesses is a critical ingredient to sustaining our economic recovery and reducing unemployment numbers, it is crucial that the Credit Review Office facilitates engagement between SME's and Banks. 80% of respondents to our recent Q2 Economic Trends Survey have indicated that they are not currently seeking bank finance. We feel that this highlights an underlying trend which could indicate that SME's may not have an appetite to engage with the banks with regards to accessing credit".
Mr Healy concluded by saying, "Cork Chamber would like to see the analysis and reporting outcomes from the Credit Review Office to be published in the interests of transparency and that these be published monthly rather than quarterly so that the impact indicators and trends can be assessed for 2010, where the financial impact on economic recovery is most needed".
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