Philip Ryan: Credit watchdog fails to report banks for breach of lending code
Entrepreneurs who get a 'slow no' from lenders are surprised at agency's stance, writes Philip Ryan
CREDIT Review Office chief John Trethowan does not report Nama banks to the regulator when he finds they have breached codes of conduct for lending to small businesses, the Sunday Independent can reveal.
The former National Irish Bank CEO, who is tasked with reviewing the lending policies of Nama banks, said it would not be "fair" to report banks for a "singular" breach of the Central Bank's code of conduct for Business Lending to Small and Medium Enterprises (SMEs).
Violations of the code can result in banks receiving fines up to €5m and can potentially lead to bankers being disqualified from managing regulated financial services.