I welcome the Minister of State, Deputy Troy, and his officials.

I welcome the Minister of State. The section is very important as it provides for the new changes that are being made to the credit reviewer committee process, including that the credit reviewer will be accountable to appear before Oireachtas committees, which is very important. I am a member of the Oireachtas joint committee on finance, as are some of the Senators present this evening. It is important that it is within the power of a committee of the House to call the reviewer to appear before it.

It could happen in the future that perhaps there is a ratio or percentage that does not allow for what one would expect to come through the Credit Review Office and that could be teased out in a public forum on behalf of the people.

Section 20 is a standard provision, which allows the credit reviewer, if required, to appear before an Oireachtas committee, other than the Committee of Public Accounts, as that is separately provided for under section 19. It specifies that he or she shall not testify before such a committee in relation to any matter that is sub judice, which is a case under judgment, or comment on Government policy.

As the Senator rightly acknowledges, since the Credit Review Office was established in 2010, it has done really good positive work. Thanks to the work of the office, some €86 million of loans has been approved. Those loans have supported viable businesses and farms that may not have been able to continue were it not for the work of the Credit Review Office. Loans were made available to some 78% of cases that were referred to the Credit Review Office. It is only a small percentage that did not benefit. That being said, the Oireachtas has no power to compel an independent financial institution to actually lend money if it does not believe is in its interest to do so or if there is a fear that it might not get it back. A high percentage of cases were successful over the last 16-odd years and I do not envisage that changing.

When is it proposed to take the next Stage?

Now.

Is that agreed? Agreed.

When is it proposed to take Fifth Stage?

Now.

Is that agreed? Agreed.

I thank all the Senators for their contributions to the discussion of this Bill as it proceeded through the House, in particular last week, and for their presence here this evening.

The work the Credit Review Office has done since it was established in 2010 has given valuable assistance to viable SME and farm businesses in obtaining bank credit. Placing the office on a firm statutory basis recognises that value and endorses the credit review service as a permanent feature of the SME credit landscape in Ireland.

The credit reviewer's recommendations have resulted so far in banks agreeing to make over €86 million in credit available to SMEs and farm businesses. Between the actual reviews conducted and the advice given directly via its helpline or more generally through its useful publication or advocacy work, the Credit Review Office has provided a valuable service to thousands of Irish SMEs. More importantly, it has contributed to an improved culture in the banking sector in the period since the financial crash. There is now an expectation that banks will treat their customers better and give due regard to the best interests of their customers, including SMEs. While the Bill is, in one sense, merely a technical exercise in providing a legal basis for the continuance of the status quo, it is also a declaration of the Government's expectation that borrowers are treated fairly and with high standards of professionalism.

The Bill also provides for an expanded role for the Credit Review Office service in the future should the evolution of the SME credit market justify that, underlying the Government's ongoing commitment to support the growth and development of the SME sector. The Department of Finance will continue to monitor developments in this area and, should further change be necessary, appropriate legislative provisions can be considered in the future. The existing Credit Review Office has been operating quite effectively on its current legal basis. It is timely to bring the Bill forward now due to the fact that the NAMA legislation is due to be repealed.

I thank the officials and Senators in the House for their co-operation this evening. The Bill places the Credit Review Office service on a firm statutory footing so that it can continue to provide a valuable service to SMEs across Ireland and I commend it to the House.

I thank the Minister of State and his officials for the work done on this Bill. The Credit Review Office service is a very important safety net for small businesses and farmers right across the country. I look forward to swift implementation of this legislation.