Directive 2008/48/EC (hereinafter “the Consumer Credit Directive”) was transposed into Irish law under the European Communities (Consumer Credit Agreements) Regulations 2010 (hereinafter “the Regulations”), writes Gillian Kelly of our Risk Consulting practice.
The Regulations came into effect on 11 June 2010 and, broadly, apply to credit agreements with a value of €200 – €75,000, not secured by a mortgage or not for the purpose of acquiring land / buildings. The Regulations introduced the following benefits for consumers:
Amendments came into effect on 1 January 2013 which provided additional assumptions for the calculation of APR.
In 2020 the European Commission (hereinafter “the Commission”) launched a public consultation relating to its consumer agenda, including a review of the Consumer Credit Directive (“CCD”). An impact assessment was completed by the Commission which identified a number of areas of improvement. In the document below we set out a summary of the Commission’s findings and the proposed changes as a result.
For further information on this directive, please contact Gillian Kelly of our Risk Consulting practice.