Regulatory Alerts2018-01-25
Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015
The Central Bank of Ireland issued these regulations to establish a comprehensive code of conduct for regulated entities providing business credit to micro, small, and medium-sized enterprises. The rules mandate specific operational standards, including prohibitions on unsolicited credit, requirements for staff training, and obligations to offer annual credit reviews and clear pre-contract information. Additionally, the regulations impose strict procedures for handling borrower arrears, financial difficulties, complaints, and security arrangements to ensure fair treatment and transparency in business lending.
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