Regulatory Alerts2011-02-01
Notice to creditors of the dis-application of provisions of the Consumer Protection Code in view of the EC (Consumer Credit Agreements) Regulations 2010
The Central Bank of Ireland issued this notice to inform creditors that specific requirements of the Consumer Protection Code no longer apply to credit agreements falling within the scope of the EC (Consumer Credit Agreements) Regulations 2010. This dis-application is mandated by the maximum harmonisation principle of Directive 2008/48/EC, which prohibits Member States from maintaining national provisions diverging from the Directive's harmonised rules. The document details the exact chapters and provisions removed from the Code for these regulated agreements while confirming the Code remains fully applicable to credit agreements outside this scope.
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