LogoRegulatory Alerts
2016-05-31

Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2016

The Central Bank of Ireland promulgated these 2016 regulations to amend the 2015 lending framework for small and medium-sized enterprises under the Central Bank (Supervision and Enforcement) Act 2013. The rules update the legal definitions of micro, small, and medium-sized enterprises by establishing employee thresholds of fewer than 50 and 250, coupled with revised annual turnover and balance sheet limits. Additionally, the regulations mandate that credit warning statements appear in a prominent, bold, boxed layout with a font size at least equal to the surrounding text, and eliminate the previous twelve-month deferral period for credit decisions following an appeal.

Central Bank of Ireland logo

Ireland

Central Bank of Ireland

Click to view thumbnail

STATUTORY INSTRUMENTS. S.I. No. 280 of 2016 ———————— CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (LENDING TO SMALL AND MEDIUM-SIZED ENTERPRISES) (AMENDMENT) REGULATIONS 2016

2 [280] S.I. No. 280 of 2016 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (LENDING TO SMALL AND MEDIUM-SIZED ENTERPRISES) (AMENDMENT) REGULATIONS 2016 In exercise of the powers conferred on the Central Bank of Ireland (the “Bank”) by section 48 of the Central Bank (Supervision and Enforcement) Act 2013 (No. 26 of 2013) (the “Act”), the Bank, having consulted, in accordance with section 49 of the Act, with the Minister for Finance, the Credit Union Advisory Committee and other persons that the Bank considers appropriate to consult in the circumstances and bodies that appear to the Bank to have expert￾ise or knowledge of credit unions, hereby makes the following regulations:

  1. These Regulations may be cited as the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) (Amendment) Regulations 2016.
  2. In these Regulations “Principal Regulations” means the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 (S.I. No. 585 of 2015).
  3. Regulation 2 of the Principal Regulations is amended— (a) by substituting for the definition of “micro and small enterprise” the following definition: “‘micro and small enterprise’ means an enterprise which employs fewer than 50 persons and which has either or both of the following: (a) an annual turnover which does not exceed €10 million; (b) an annual balance sheet total which does not exceed €10 million;”, and (b) by substituting for the definition of “micro, small and medium-sized enterprise” the following definition: “‘micro, small and medium-sized enterprise’ means an enterprise which employs fewer than 250 persons and which has either or both of the following: (a) an annual turnover not exceeding €50 million; (b) an annual balance sheet total not exceeding €43 million;”. Notice of the making of this Statutory Instrument was published in “Iris Oifigiúil” of 31st May, 2016.

[280] 3 4. Regulation 29 of the Principal Regulations is amended by inserting after paragraph (2) the following: “(3) A regulated entity shall ensure that a warning statement required under Regulation 33(3) of these Regulations is— (a) presented in a prominent manner, (b) in a box, (c) in bold type, and (d) of a font size that is at least equal to the predominant font size used throughout the document or advertisement.”. 5. Regulation 44(3) of the Principal Regulations is amended by deleting “or if the decision to refuse the credit application is appealed under Regulation 42, for at least 12 months after the conclusion of the appeal”. Signed for and on behalf of the Central Bank of Ireland, 27 May 2016. CYRIL ROUX, Deputy Governor (Financial Regulation).

BAILE ÁTHA CLIATH ARNA FHOILSIÚ AG OIFIG AN tSOLÁTHAIR Le ceannach díreach ó FOILSEACHÁIN RIALTAIS, 52 FAICHE STIABHNA, BAILE ÁTHA CLIATH 2 (Teil: 01 - 6476834 nó 1890 213434; Fax: 01 - 6476843) nó trí aon díoltóir leabhar. —————— DUBLIN PUBLISHED BY THE STATIONERY OFFICE To be purchased from GOVERNMENT PUBLICATIONS, 52 ST. STEPHEN'S GREEN, DUBLIN 2. (Tel: 01 - 6476834 or 1890 213434; Fax: 01 - 6476843) or through any bookseller. —————— €1.27 Wt. (B32040). 285. 5/16. Essentra. Gr 30-15.

Share