EU Credit Servicing Directive – Irish Transposition

The Directive on Credit Servicers and Credit Purchasers (Directive (EU) 2021/2167, the "Directive") applies to the sales and servicing of non-performing loans ("NPLs") issued by a credit institution established in the EU. The Directive was due to be transposed into the national laws of each of the EU member states, including Irish law, by 29 December 2023. 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, November 2021, September 2023 and October 2023 respectively.

Is there an existing Irish credit servicing regulatory framework?

There is an existing Irish credit servicing regulatory framework (which was introduced by the Irish Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the "2015 Act") and amended further subsequently in 2018 and 2022) under Part V of the Irish Central Bank Act 1997. Unregulated purchasers of Irish SME loans