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ARTICLE · 08 JUNE 2016

New Regulations On SME Lending (Updated June 2016)

Arthur Cox
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New Central Bank Regulations governing dealings between regulated entities and SMEs were signed on 17 December 2015.

IrelandFinance and Banking
Arthur Cox
Arthur Cox
Robert Cain
Robert Cain
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New Central Bank Regulations governing dealings between regulated entities and SMEs were signed on 17 December 2015. They will apply to regulated entities (other than credit unions) from 1 July 2016 and to credit unions from 1 January 2017.

This Briefing summarises the new Regulations and their potential impact. It has also been updated to take account of changes made to the new Regulations on 27 May 2016.

BACKGROUND:

In January 2015, the Central Bank issued a Consultation Paper on a Review of the Code of Conduct for Business Lending to Small and Medium Enterprises, seeking industry feedback on proposed changes to its Code of Conduct for Business Lending to Small and Medium Enterprises 2012 (the SME Code). The purpose of the SME Code is to provide conduct of business protections to SMEs when receiving credit products from regulated entities in Ireland. The Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized

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