Irish Credit Servicing – Looking To The Future

Further to our recent update on the EU Credit Servicing Directive (the "Directive"), the Department of Finance (the "DOF") has completed its public consultation and published its initial decisions as to which discretions will be exercised in the context of the transposition of the Directive into Irish law.

The decisions of the DOF are susceptible to change prior to the 29 December 2023 deadline for transposition. However, there is sufficient clarity at this point to draw conclusions as to how the market will operate from 2024 onward and to highlight points that participants should keep in mind, particularly in the context of any ongoing or planned Irish asset loan portfolio disposals and acquisitions.