Credit Review Bill in the Seanad

The Credit Review Bill 2024 is currently going through committee stage in the Seanad, having already been passed by the Dáil just before the Christmas break.

The bill seeks to modernise and strengthen Ireland’s framework for reviewing credit decisions affecting SMEs and farmers. It establishes the Credit Review Service as an independent statutory body, replacing its previous basis under the National Asset Management Agency Act 2009. The Bill preserves the core function of providing an impartial appeals mechanism for viable businesses whose loan applications have been refused, while enhancing governance, transparency, and long‑term stability for the service.

A key feature of the legislation is the empowerment of the Minister for Finance to extend the service’s remit to non‑bank lenders and other regulated financial providers, reflecting the growing reliance of SMEs on alternative finance. Having completed all stages in the Dáil, the Bill is currently before the Seanad and is expected to pass without major amendments.

If you have any questions, feedback, or would like to raise any concerns regarding this topic, please don't hesitate to contact SFA Public Affairs Lead, Jonathan McDade at jonathan.mcdade@sfa.ie or 01 605 1688.