Regulatory Alerts2015-12-18
Feedback Statement to CP91: Review of the Code of Conduct for Business Lending to SMEs
The Central Bank of Ireland issued the SME Regulations 2015 to enhance consumer protection in business lending by requiring lenders to provide clearer information on application processes, affordability assessments, and reasons for credit declines. The regulations apply to all regulated entities, with full protections extended to micro and small enterprises while medium-sized enterprises retain existing high-level protections, and credit unions are included with specific implementation adjustments. These rules come into effect for most entities in July 2016 and for credit unions in January 2017, following a consultation process that addressed stakeholder concerns regarding scope and proportionality.
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