Bank Refusing more Loans to Small – Medium Sized Enterprises
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Bank Refusing more Loans to Small – Medium Sized Enterprises
A report published by the Department of Finance has found that’s financial institutions are refusing more loans to small and medium businesses than they are reporting. Accountancy firm Mazars has recently reported that inadequate recording of refusals by frontline bank staff are to blame.
Financial Institutions such as
Ø Allied Irish Bank
Ø Bank of Ireland
Ø Anglo Irish Bank
Ø National Irish Bank
Ø Ulster Bank
Have stated that their refusal rate is 14%, however the Mazars report contradicts that aspect and reports that the real refusal figure is 18%.
Despite this report the Irish Bank Federation has stated that on average three quarters of credit applications from small – medium sized enterprises are approved and its Chief Executive Pat Farrell commented “Already we have seen significant developments in the form of the new independent credit review process and by way of various non-finance information/advisory/mentoring supports. We remain fully committed to this process”.
John McCarrick
John McCarrick and Associates
11 Dunville Avenue, Rathmines
Dublin 6,Ireland
Telephone:01 4960102
Fax: 01 4973717
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