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Transposition of Credit Servicers Directive in Ireland – Overview

Apr 16, 2024

Advisory
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KEY TAKEAWAYS:

  • The integration of the Credit Servicers Directive into Irish law, effective from 30 December 2023, aims to strengthen consumer protections and align Ireland with EU standards for credit servicing

  • Ireland will operate both the new EU-aligned Credit Servicers Directive regime and its existing domestic rules

On 29 December 2023, the Minister for Finance signed the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (the "Regulations") into law, thereby transposing the Directive on credit servicers and credit purchasers (Directive (EU) 2021/2167) (the "CSD") into Irish law, with effect from 30 December 2023.

In keeping with the approach previously indicated by the Department of Finance, the Regulations confirm that the existing Irish domestic credit servicing regime (the "Domestic Regime") provided for under the Central Bank Act 1997 (as amended) (the "CBA 1997") will operate in parallel with the regime provided for by the Regulations (the "CSD Regime").

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