EU Credit Servicing Directive – An Update

The Directive on Credit Servicers and Credit Purchasers (the "Directive") will apply to the sales and servicing of non-performing loans issued by a credit institution established in the EU. We have previously provided updates and more detailed analysis on the Directive as it has progressed through the legislative process: in June 2021, August 2021 and November 2021 respectively.

Department Consultation

There is an obligation on EU member states to transpose the minimum requirements of the Directive but a limited number of discretionary options have been identified for consideration by EU member states on certain issues in relation to the Directive. In January 2023, the Irish Department of Finance (the "Department") launched a public consultation on the transposition of the Directive in Ireland. The consultation paper sought feedback on the ten points in the Directive where EU member states have an element of discretion in terms of transposing the Directive and is