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Credit Review agency

  • 28-09-2010 7:08am
    #1
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭


    ...The CRO's remit is relatively straightforward. It can review credit applications that have been refused by banks participating in NAMA and can overturn the bank's own decision to refuse an application.

    To that end, Mr Trethowan has 10 retired bankers who are employed to review applications.

    So far the returns have been disappointing, with only 20 applications being made to the agency since it came into force six months ago. About half have been overturned by the CRO...


    http://www.independent.ie/business/irish/review-agency-hampered-by-lack-of-requests-2355202.html
    obvious "jobs for boys" nature of this quanqo aside ...


    we constantly hear about businesses and mortgage holders being denied credit etc, economy being paralysed by lack of liquidity and so on
    then why such little uptake of this facility?


Comments

  • #2
    Welease
    Registered Users, Registered Users 2 Posts: 3,834 ✭✭✭Welease


    ei.sdraob wrote: »
    http://www.independent.ie/business/irish/review-agency-hampered-by-lack-of-requests-2355202.html
    obvious "jobs for boys" nature of this quanqo aside ...


    we constantly hear about businesses and mortgage holders being denied credit etc, economy being paralysed by lack of liquidity and so on
    then why such little uptake of this facility?

    One would have to assume lack of knowledge of it's existance..
    I would assume (but don't know) that when declining an application the banks don't make customers aware of the CRO body...


  • #3
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    Welease wrote: »
    One would have to assume lack of knowledge of it's existance..
    I would assume (but don't know) that when declining an application the banks don't make customers aware of the CRO body...

    Could be the case, but I do remember hearing on tv (6.1 news few times) and radio of its existence. I even took note of it in the event it might be needed.

    I am just confused as to why despite all the noise about lack of credit no one actually takes advantage of this organisation which seems to have 50% success rate in obtaining credit.


  • #4
    Welease
    Registered Users, Registered Users 2 Posts: 3,834 ✭✭✭Welease


    ei.sdraob wrote: »
    Could be the case, but I do remember hearing on tv (6.1 news few times) and radio of its existence. I even took note of it in the event it might be needed.

    I am just confused as to why despite all the noise about lack of credit no one actually takes advantage of this organisation which seems to have 50% success rate in obtaining credit.

    Agreed it doesn't make sense..

    It (if it isn't already) should be mandatory for a failed credit request to force the bank to hand over a CRO request form and some information on the process..

    I suspect that in the rush to beef up their balance sheets, banks don't mention the process to customers for fear they will be forced into lending. 50% reversal of decisions so far (although a low amount) would indicate the lending process is still somewhat broken.


  • #5
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    ei.sdraob wrote: »
    http://www.independent.ie/business/irish/review-agency-hampered-by-lack-of-requests-2355202.html
    obvious "jobs for boys" nature of this quanqo aside ...


    we constantly hear about businesses and mortgage holders being denied credit etc, economy being paralysed by lack of liquidity and so on
    then why such little uptake of this facility?

    I imagine in the cases of businesses by the time they got around to looking at the case, the business in question would no longer exist.


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