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ARTICLE · 25 MAY 2016

Consumer Mortgage Credit Agreements Regulations

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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On 21 March 2016, the Minister for Finance signed the European Union Regulations 2016 into Irish law.

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
Conor Durkin
Conor Durkin
Rowena Fitzgerald
Rowena Fitzgerald
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On 21 March 2016, the Minister for Finance signed the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (the "Regulations") into Irish law. The new legislation will build on existing Irish measures in this area including the Consumer Credit Act, 1995 (as amended) as well as the Central Bank of Ireland's Consumer Protection Code and Code of Conduct on Mortgage Arrears. 

The Regulations transpose the Mortgage Credit Directive (the "Directive"). The Directive's overall purpose is the creation of a single residential mortgage credit market in the European Union with a high level of consumer protection.

Scope

The Regulations apply to credit agreements entered into with consumers - a natural person acting outside their trade, business or profession:

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