Lending & Secured Finance Comparative Guide

1. Do foreign lenders or non-bank lenders require a licence/regulatory approval to lend into your jurisdiction or take the benefit of security over assets located in your jurisdiction?

Generally speaking, no. Neither lending to (larger) corporate borrowers nor taking the benefit of security over assets located in Ireland requires a foreign or nonbank lender to be licenced in Ireland, provided the lender is not carrying on other regulated activities in Ireland. However, lending to "consumers" is a regulated activity; while the definition of "consumer" varies, one commonly cited definition defines a "consumer" as: (i) an individual acting otherwise than in the course of their business; and (ii) micro enterprises within the meaning of European Union ("EU") Commission Recommendation 2003/361/EC of 6 May 2003. A micro enterprise is one which employs fewer than 10 persons and whose annual turnover and/or annual balance sheet total does not exceed €2,000,000. Only