CRD IV Update

As explained in some detail below, Ireland transposed Directive 2013/36/EU (the "CRD IV Directive") into domestic law on March 31, 2014 by means of two regulations, namely the European Union (Capital Requirements) Regulations 2014 which gives effect to the CRD IV Directive and the European Union (Capital Requirements) (No. 2) Regulations 2014, which gives effect to a number of technical requirements in order that Regulation (EU) No. 575/2013 (the "CRR") can operate effectively in Irish law. These national implementing regulations will hereinafter be referred to collectively as the ("CRD IV Regulations").

This is a welcome development, particularly as the almost impenetrable S.I. 660 and S.I. 661 of 2006 are now revoked. It is intended that the Central Bank will finalise its CRD IV/CRR Implementation Notice which was originally published in December 2013 (the "Implementation Notice")1 by mid-May.