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S.I. No. 281 of 2010
EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) (Prn. A10/0843)
EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) Part 1 Preliminary
1 Citation.
2 Commencement.
3 Scope of these Regulations.
4 Relationship of Parts 2 to 7 of these Regulations with Consumer 5 Effect on existing agreements.
6 Interpretation.
Part 2 Information and practices preliminary to conclusion of credit
agreements
7 Standard information to be included in advertising of credit.
8 Pre-contractual information — general obligations.
9 Pre-contractual information requirements for certain overdraft facilities and certain other credit agreements.
10 Exemptions from pre-contractual information requirements.
11 Obligation to assess creditworthiness of consumers.
Part 3 Database access
12 Refusal of credit applications on basis of database access.
Part 4 Information and rights concerning credit agreements
13 Information to be included in credit agreements.
14 Information concerning changes in borrowing rates.
15 Obligations in relation to overdraft facilities.
16 Termination of open-end credit agreements.
17 Right of withdrawal.
18 Linked credit agreements.
19 Early repayment.
20 Assignment of creditors’ rights.
21 Overrunning.
Part 5 Annual percentage rate of charge
22 Calculation of annual percentage rate of charge.
Part 6 Credit intermediaries
23 Obligations of credit intermediaries.
Part 7 Miscellaneous
24 Anti-avoidance.
25 Penalties.
26 Regulation of certain friendly societies for certain purposes.
Part 8 Amendments of other statutory instruments
27 Amendment of Distance Marketing Regulations.
Schedule 1 Methods of calculating annual percentage rate of charge
Part 1 Basic equation expressing equivalence of drawdowns with Part 2 Additional assumptions for calculation of annual percentage Schedule 2 Standard European Consumer Credit Information Form
Schedule 3 European Consumer Credit Information Form for overdrafts,
consumer credit offered by certain credit organisations and debt conversion
EUROPEAN COMMUNITIES (CONSUMER CREDIT AGREEMENTS) I, BRIAN LENIHAN, Minister for Finance, in exercise of the powers con- ferred on me by section 3 of the European Communities Act 1972 (No. 27 of1972) (as amended by the European Communities Act 2007 (No. 18 of 2007)),and for the purpose of giving effect to Directive 2008/48/EC1 of the EuropeanParliament and of the Council of 23 April 2008, hereby make the followingregulations: 1. These Regulations may be cited as the European Communities (Consumer Credit Agreements) Regulations 2010.
2. These Regulations come into operation on 11 June 2010.
3. (1) Subject to paragraphs (2) to (6), Parts 2 to 7 of these Regulations apply (2) Only the following provisions of Parts 2 to 7 of these Regulations apply to a credit agreement in the form of an overdraft facility where the credit hasto be repaid on demand or within 3 months: (a) the following provisions of Regulation 7: (ii) subparagraphs (a) to (c) of paragraph (2); (c) the following provisions of Regulation 13: (ii) subparagraphs (a) to (f) and subparagraph (h) of paragraph (7); Notice of the making of this Statutory Instrument was published in “Iris Oifigiúil” of 11th June, 2010.
(d) Regulations 15, 18, 20, 22, 23 and 24.
(3) Only Regulations 21 and 24 of Parts 2 to 7 apply to a credit agreement in (4) Subject to paragraph (5), only the following provisions of Parts 2 to 7 of these Regulations apply to a credit agreement entered into by a credit union(within the meaning given by the Credit Union Act 1997 (No. 15 of 1997)): (b) the following provisions of Regulation 13: (ii) subparagraphs (a) to (h) and subparagraph (l) of paragraph (3); (5) Paragraph (4) ceases to have effect on 11 December 2011.
(6) Parts 2 to 7 of these Regulations do not apply— (a) to a credit agreement secured by— (i) a mortgage or another comparable security on immovable prop- (ii) a right related to immovable property, (b) to a credit agreement the purpose of which is to acquire or retain property rights in land or in an existing or projected building, (c) to a credit agreement involving a total amount of credit of less than (d) subject to paragraph (7), to a hiring or leasing agreement where an obligation to purchase the object of the agreement is not laid downeither by the agreement itself or by a separate agreement, (e) subject to Regulation 9(9), to a credit agreement in the form of an overdraft facility where the credit has to be repaid within one month, (f) to a credit agreement where the credit is granted free of interest and (g) to a credit agreement under the terms of which the credit has to be repaid within 3 months and only insignificant charges are payable, (h) to a credit agreement where the credit is granted by an employer to an employee or employees as a secondary activity free of interest orat annual percentage rates of charge lower than those prevailing onthe market and not offered to the public generally, (i) to a credit agreement concluded with an investment firm (as defined in Regulation 3(1) of the European Communities (Markets in FinancialInstruments) Regulations 2007 (S.I. No. 60 of 2007)) (in this subpara-graph called “the MiFID Regulations”) or with a credit institution (asdefined in Regulation 2(1) of the European Communities (CapitalAdequacy of Credit Institutions) Regulations 2006 (S.I. No. 661 of2006)) for the purposes of allowing an investor to carry out a trans-action relating to an instrument or instruments of a kind listed in Part3 of Schedule 1 to the MiFID Regulations, where the investment firmor credit institution is involved in the transaction, (j) to a credit agreement that is the outcome of a settlement reached in court or before another statutory authority, (k) to a credit agreement that relates to the deferred payment, free of (l) to a credit agreement on the conclusion of which the consumer is requested to deposit an item as security in the creditor’s safe-keepingand under which the liability of the consumer is strictly limited to thepledged item, or (m) to a credit agreement that relates to a loan granted to a member or (i) under a statutory provision with a general interest purpose, and (I) at lower interest rates than those prevailing on the market or (II) on other terms more favourable to the consumer than those prevailing on the market and at interest rates not higher thanthose prevailing on the market.
(7) A credit agreement shall be taken to contain an obligation referred to in paragraph (6)(d) if the creditor concerned unilaterally so decides.
(8) Parts 2 to 7 of these Regulations do not apply to credit agreements entered into by the following friendly societies: (a) Ardlea Credit Union Co-operative Ltd; (b) Finglas West Credit Co-operative Ltd; (c) St. Anne’s Community Credit Co-operative Ltd; (d) Artane Credit Union Co-operative Ltd.
(9) The Registrar of Friendly Societies shall, at least once in every calendar year, carry out a review to determine whether the bodies mentioned in para-graph (8) continue to meet the criterion for exemption set out in Article 2(5) ofDirective 2008/48/EC2 of the European Parliament and of the Council of 23April 2008.
Relationship of Parts 2 to 7 of these Regulations with Consumer Credit Act 1995 4. (1) For the application of Part II of the Consumer Credit Act 1995 (No.
24 of 1995) (in this Regulation called “the Act of 1995”) to advertising to whichRegulation 7 applies, the annual percentage rate (in that Part called “APR”)shall be determined in accordance with the definition of “annual percentage rateof charge” in Regulation 6(1) and the formulae set out in Schedule 1.
(2) Subject to paragraph (4), Parts III (other than section 30(1)), IV (other than section 42) and V of the Act of 1995 do not apply in relation to a creditagreement to which Parts 2 to 7 of these Regulations apply.
(3) Where a creditor communicates with a consumer or guarantor in writing, section 45 of the Act of 1995 applies to the communication.
(4) Paragraph (3) does not affect the operation of any provision of Part III, IV or V of the Act of 1995 in relation to a contract of guarantee that relates toa credit agreement.
(5) Nothing in this Regulation affects the operation of any provision of the Act of 1995 in relation to advertising, or a credit agreement, to which Parts 2 to7 of these Regulations do not apply.
(6) For the purposes of this Regulation, a credit agreement referred to in Regulation 3(6)(e), and a credit agreement in the form of an overrunning, shallbe taken to be a credit agreement to which these Regulations apply.
5. (1) Other than as set out in paragraphs (2) to (4), Parts 2 to 7 of these Regulations do not apply to a credit agreement that is in existence when theseRegulations come into operation.
(2) Regulations 14, 15, 16 and 20 apply to an open-end credit agreement that is in existence when these Regulations come into operation.
(3) In relation to an open-end credit agreement that is in existence when these Regulations come into operation, the creditor concerned shall provide theinformation referred to in Regulation 9(1)(e) to the consumer concerned on aregular basis, on paper or another durable medium.
(4) Regulation 21(2) applies to an open-end credit agreement that is in exist- ence when these Regulations come into operation.
“annual percentage rate of charge” in relation to a credit agreement means thetotal cost of the credit to the consumer (including, where applicable, the costsreferred to in Regulation 22(2) and (3)), expressed as an annual percentage ofthe total amount of credit; “borrowing rate” in relation to a credit agreement means the interest rateexpressed as a fixed or variable percentage applied on an annual basis to theamount of credit drawn down; “consumer” means a natural person who is acting, in the course of a transactionto which these Regulations apply, for purposes outside his or her trade, businessor profession; “contravene” includes fail to comply with; “credit agreement” means an agreement under which a creditor grants or prom-ises to grant to a consumer credit in the form of a deferred payment, loan orother similar financial accommodation, but does not include an agreement for— (a) the provision, on a continuing basis, of services, or (b) the supply of goods of the same kind, where the consumer pays for the services or goods by instalments for the dur-ation of their provision; “credit intermediary” means a person (including a firm, within the meaning ofthe Partnership Act 1890 (53 & 54 Vict. c. 39)) who is not acting as a creditorand who, in the course of trade, business or profession, for a fee (whether inpecuniary form or any other form of financial consideration)— (a) presents or offers credit agreements to consumers, (b) assists consumers by undertaking, in respect of credit agreements, pre- paratory work other than that referred to in subparagraph (a), or (c) concludes credit agreements with consumers on behalf of creditors; “creditor” means a person who grants or promises to grant credit in the courseof trade, business or profession; “Distance Marketing Regulations” means the European Communities (DistanceMarketing of Consumer Financial Services) Regulations 2004 (S.I. No. 853 of2004); “durable medium” means any medium that enables a consumer to store infor-mation addressed personally to the consumer in a way that renders it accessiblefor future reference for a period of time adequate for the purposes of the infor-mation and allows the unchanged reproduction of the information; “European Consumer Credit Information” has the meaning given by Regu-lation 9(1); “European Consumer Credit Information Form” means the form set out inSchedule 3; “fixed borrowing rate” in relation to a credit agreement means— (a) a borrowing rate that a creditor and a consumer agree on in the rel- evant credit agreement for the entire duration of the credit agree-ment, or (b) each of several borrowing rates for partial periods using exclusively a “linked credit agreement” means a credit agreement where— (a) the credit concerned serves exclusively to finance an agreement for the supply of specific goods or the provision of a specific service, and (b) subject to paragraph (3), those two agreements objectively form a “overdraft facility” means an explicit credit agreement by which a creditormakes available to a consumer who operates a current account with the creditorfunds in excess of the current balance in the current account; “overrunning” means a tacitly accepted overdraft—that is, an overdraft wherea consumer operates a current account (with or without an explicit overdraftfacility) with a creditor, and without formal agreement the creditor makes avail-able to the consumer funds in excess of— (a) the current balance in the current account, or (b) if there is an agreed overdraft facility, the agreed limit of that facility; “Standard European Consumer Credit Information” has the meaning given byRegulation 8(1); “Standard European Consumer Credit Information Form” means the form setout in Schedule 2; “total cost of the credit to the consumer” in relation to a credit agreement meansall the costs that the consumer is required to pay in connection with the creditagreement and that are known to the creditor concerned, including— (a) interest, commissions, taxes and any other kind of fees, (b) where the conclusion of a service contract is compulsory to obtain the credit or to obtain it on the terms and conditions marketed, costsin respect of ancillary services relating to the credit agreement (inparticular, insurance premiums); “total amount payable by the consumer” in relation to a credit agreement meansthe sum of the total amount of the credit and the total cost of the credit tothe consumer; “total amount of credit” in relation to a credit agreement means the limit of thecredit, or the total sum, made available under the credit agreement.
(2) If in a credit agreement not all the applicable borrowing rates are deter- mined, a borrowing rate shall be taken to be fixed only for any period for whichthe borrowing rate is exclusively determined by a fixed specific percentageagreed on at the time when the credit agreement was concluded.
(3) For the purposes of subparagraph (b) of the definition of “linked credit agreement”, a commercial unit shall be taken to exist where— (a) the supplier or service provider concerned finances the credit for the (b) if the credit is financed by a third party, the creditor uses the services of the supplier or service provider in connection with the conclusionor preparation of the credit agreement, or (c) the specific goods or the provision of a specific service are explicitly Information and practices preliminary to conclusion of credit agreements Standard information to be included in advertising of credit 7. (1) Any advertising concerning credit agreements that indicates an interest rate or any figures relating to the cost of the credit to the consumer shall includestandard information in accordance with this Regulation.
(2) The standard information shall specify in a clear, concise and prominent way by means of a representative example— (a) the borrowing rate, fixed or variable or both, together with particulars of any charges included in the total cost of the credit to the consumer, (c) subject to paragraph (3), the annual percentage rate of charge, (d) if applicable, the duration of the credit agreement, (e) in relation to credit in the form of deferred payment for a specific good or service, the cash price and the amount of any advance pay-ment, and (f) if applicable, the total amount payable by the consumer and the (3) In the case of a credit agreement relating to an overdraft facility, the annual percentage rate of charge need not be provided.
(4) Where the conclusion of a contract regarding an ancillary service (in part- icular, insurance policy) relating to the credit agreement is compulsory in orderto obtain the credit or to obtain it on the terms and conditions marketed, andthe cost of that service cannot be determined in advance, the obligation to enterinto that contract shall also be stated in a clear, concise and prominent way,together with the annual percentage rate of charge.
(5) Nothing in this Regulation affects the operation of any law that gives effect in the State to Directive 2005/29/EC3.
Pre-contractual information — general obligations 8. (1) Subject to Regulation 10, in good time before a consumer is bound by a credit agreement or an offer of credit, the creditor concerned and any creditintermediary involved shall provide the consumer with the information neededto compare different offers in order to take an informed decision on whether toconclude a credit agreement. That information (in these Regulations called the“Standard European Consumer Credit Information”) is— (b) the name and the geographical address of the creditor and the name and geographical address of any credit intermediary involved, (c) the total amount of credit and the conditions governing its drawdown, (d) the duration of the credit agreement, (e) in relation to credit in the form of deferred payment for a specific good or service and a linked credit agreement, the good or serviceconcerned and its cash price, (f) the following information in relation to borrowing rates: (ii) the conditions governing the application of the initial borrowing (iii) where available, any index or reference rate applicable to the (iv) the periods, conditions and procedure for changing the bor- (v) if different borrowing rates apply in different circumstances, the information required by sub-subparagraphs (i) to (iv) for all theapplicable rates, (g) the annual percentage rate of charge and the total amount payable by the consumer, illustrated by means of a representative examplementioning all the assumptions used in order to calculate that rate, (h) the amount, number and frequency of payments to be made by the consumer and, where applicable, the order in which payments willbe allocated to different outstanding balances charged at differentborrowing rates for the purposes of reimbursement, (i) the charges for maintaining an account or accounts recording pay- ment transactions and drawdowns (unless the opening of any suchaccount is optional), (ii) any charges for using a means of payment for both payment trans- (iii) any other charges deriving from the credit agreement, and (iv) the conditions under which those charges may be changed, (j) where the conclusion of an ancillary service contract (in particular, an insurance policy) is compulsory to obtain the credit or to obtain it onthe terms and conditions marketed, a statement of the obligation toenter into such a contract, (k) the interest rate applicable in the case of late payments and the arrangements for its adjustment, and any charges payable for default, (l) a warning of the consequences of missing payments, (m) where applicable, the sureties required, (n) a statement that there is a right of withdrawal, or that there is no such (o) a statement of the right of early repayment, and, where applicable, information concerning the creditor’s right to compensation and theway in which that compensation will be determined in accordancewith Regulation 19, (p) a statement of the consumer’s right, pursuant to Regulation 12, to be informed immediately and free of charge of the result of any database consultation carried out for the purposes of assessing the consumer’screditworthiness, (q) a statement of the consumer’s right to be supplied, on request and free of charge, with a copy of the draft credit agreement (unless thecreditor is at the time of the request unwilling to conclude the creditagreement with the consumer), and (r) if applicable, a statement of the period during which the creditor is bound by the pre-contractual information.
(2) A creditor and any credit intermediary involved shall provide the Stan- dard European Consumer Credit Information on the basis of the credit termsand conditions offered by the creditor and, if applicable, the preferencesexpressed and information supplied by the consumer concerned.
(3) The Standard European Consumer Credit Information shall be (a) on paper or on another durable medium, and (b) by means of the Standard European Consumer Credit Information (4) A creditor [and any credit intermediary] shall be taken to have fulfilled the information requirements in Part 2 of the Distance Marketing Regulationsif the creditor and credit intermediary have supplied the Standard EuropeanConsumer Credit Information.
(5) For the purposes of giving the annual percentage rate of charge and the total amount payable by a consumer where the consumer has informed thecreditor concerned of one or more components of the consumer’s preferredcredit (such as the duration of the credit agreement and the total amount ofcredit), the creditor shall take those components into account. If a credit agree-ment provides different ways of drawdown with different charges or borrowingrates and the creditor uses the assumption set out in point (b) of Part 2 ofSchedule 1, the creditor shall indicate that other drawdown mechanisms for thattype of credit agreement may result in higher annual percentage rates of charge.
(6) Any additional information that the creditor provides to the consumer shall be given in a separate document that may be annexed to the StandardEuropean Consumer Credit Information Form.
(7) In the case of an agreement concluded at a consumer’s request using a means of distance communication that does not enable the Standard EuropeanConsumer Credit Information to be provided in accordance with paragraph (1)(in particular, in the case of a credit agreement concluded by means of voicetelephony communications), the creditor shall provide the consumer with thefull pre-contractual information using the Standard European Consumer CreditInformation Form immediately after the credit agreement is concluded.
(8) A creditor shall supply a consumer on request free of charge with a copy of the draft credit agreement and an appropriately completed Standard Euro-pean Consumer Credit Information Form (unless at the time of the request thecreditor is unwilling to conclude the credit agreement with the consumer).
(9) In the case of a credit agreement under which payments made by the consumer do not give rise to an immediate corresponding amortisation of thetotal amount of credit, but are used to constitute capital during periods andunder conditions laid down in the credit agreement or in an ancillary agreement,the Standard European Consumer Credit Information shall include a clear andconcise statement that the credit agreement does not provide for a guarantee ofrepayment of the total amount of credit drawn down under the credit agree-ment, unless such a guarantee is given.
(10) A creditor or credit intermediary shall provide adequate explanation to a consumer to enable the consumer to assess whether a proposed credit agree-ment is appropriate to his or her needs and financial situation, where appro-priate by explaining— (a) the Standard European Consumer Credit Information, (b) the essential characteristics of the products proposed, and (c) the specific effects they may have on the consumer, including the con- sequences of default in payment by the consumer.
(11) A creditor or credit intermediary that contravenes a provision of this Pre-contractual information requirements for certain overdraft facilities and cer-tain other credit agreements 9. (1) Subject to Regulation 10, in good time before a consumer becomes bound by a credit agreement, or an offer concerning a credit agreement, of akind referred to in paragraph (2) or (4) of Regulation 3, the creditor concernedand any credit intermediary involved shall provide the consumer with the infor-mation needed to compare different offers in order to take an informed decisionon whether to conclude the credit agreement. That information (in these Regu-lations called the “European Consumer Credit Information”) is— (b) the name and geographical address of the creditor and the name and geographical address of any credit intermediary involved, (d) the duration of the credit agreement, (e) the following information in relation to borrowing rates and charges: (ii) the conditions governing the application of the initial borrowing (iii) any index or reference rate applicable to the initial borrowing (iv) the charges applicable from the time the credit agreement is (v) where applicable, the conditions under which those charges may (f) subject to paragraph (5), the annual percentage rate of charge, illus- trated by means of representative examples mentioning all theassumptions used in order to calculate that rate, (g) the conditions and procedure for terminating the credit agreement, (h) in the case of a credit agreement referred to in Regulation 3(2), where applicable, an indication that the consumer may be requested to repaythe amount of credit in full at any time, (i) the interest rate applicable in the case of late payments and the arrangements for its adjustment, and, where applicable, any chargespayable for default, (j) a statement of the consumer’s right to be informed immediately and free of charge, pursuant to Regulation 12, of the result of a databaseconsultation carried out for the purposes of assessing the consumer’screditworthiness, (k) in the case of a credit agreement referred to in Regulation 3(2), infor- mation about the charges applicable from the time such agreementsare concluded and, if applicable, the conditions under which thosecharges may be changed, and (l) if applicable, the period during which the creditor is bound by the pre- (2) The creditor and any credit intermediary involved shall provide the infor- mation required by paragraph (1) on the basis of the credit terms and conditionsoffered by the creditor and, if applicable, the preferences expressed and infor-mation supplied by the consumer concerned.
(3) The information shall be provided on paper or on another durable medium and all information shall be equally prominent. The information maybe provided by means of the European Consumer Credit Information Form setout in Schedule 3.
(4) A creditor shall be taken to have fulfilled the information requirements in Regulation 6 of, and Schedule 1 to, the Distance Marketing Regulations ifthe creditor has supplied the European Consumer Credit Information.
(5) In the case of a credit agreement of the kind referred to in Regulation 3(2), the annual percentage rate of charge need not be provided.
(6) In the case of a credit agreement referred to in Regulation 3(4), the Euro- pean Consumer Credit Information shall include (in addition to the informationrequired by paragraph (1))— (a) the amount, number and frequency of payments to be made by the consumer and, where appropriate, the order in which payments willbe allocated to different outstanding balances charged at differentborrowing rates for the purposes of reimbursement, and (b) the right of early repayment, and, where applicable, information con- cerning the creditor’s right to compensation and the way in which thatcompensation will be determined.
However, if such a credit agreement falls within the scope of Regulation 3(2),only paragraphs (1) to (3) apply to it.
(7) In a credit agreement of the kind referred to in paragraph (6), the descrip- tion of the main characteristics shall include a specification of the duration ofthe credit agreement.
(8) In the case of a credit agreement for an overdraft facility made by means of voice telephony communication, where the consumer requests that the over-draft facility be made available with immediate effect, the description of themain characteristics of the financial service shall include the items referred toin subparagraphs (c), (e), (f) and (h) of paragraph (1).
(9) Notwithstanding Regulation 3(6)(e), paragraph (8) applies to a credit agreement in the form of an overdraft facility where the credit has to be repaidwithin one month.
(10) Upon request, the consumer shall also be given, free of charge, a copy of the draft credit agreement containing the contractual information requiredby Regulation 13 in the particular case, unless at the time of the request thecreditor is unwilling to conclude the credit agreement with the consumer.
(11) In the case of a credit agreement concluded at the consumer’s request using a means of distance communication that does not enable information tobe provided in accordance with paragraphs (1) to (3) and (6), including in thecase referred to in paragraph (8), the creditor concerned shall fulfil the obli-gations under paragraphs (1) to (3) and (6) by providing the contractual infor-mation required by Regulation 13 in the particular case immediately after thecredit agreement is concluded.
(12) A creditor or credit intermediary that contravenes a provision of this Exemptions from pre-contractual information requirements 10. (1) Regulations 8 and 9 do not apply to a supplier of goods or services acting as a credit intermediary in an ancillary capacity.
(2) Paragraph (1) does not prejudice a creditor’s obligation to ensure that a consumer receives the pre-contractual information referred to in Regulations 8and 9.
Obligation to assess creditworthiness of consumers 11. (1) Before concluding a credit agreement with a consumer, a creditor shall assess the consumer’s creditworthiness on the basis of sufficient infor-mation, where appropriate obtained from the consumer and, where necessary,on the basis of a consultation of the relevant database.
(2) If a creditor and a consumer agree to change the total amount of credit after a credit agreement is concluded, the creditor— (a) shall update the financial information at the creditor’s disposal con- (b) shall assess the consumer’s creditworthiness before agreeing to any significant increase in the total amount of credit.
(3) A creditor or credit intermediary that contravenes a provision of this Refusal of credit applications on basis of database access 12. (1) Subject to paragraph (2), if a consumer’s credit application is rejected on the basis of the consultation of a database, the creditor concerned shallinform the consumer immediately and without charge of the result of the consul-tation and of the particulars of the database consulted.
(2) The information need not be provided if the provision of it is prohibited by another law or is contrary to objectives of public policy or public security.
(3) This Regulation is without prejudice to the application of the Data Protec- (4) A creditor or credit intermediary that contravenes a provision of this Information and rights concerning credit agreements Information to be included in credit agreements 13. (1) A credit agreement shall be drawn up on paper or on another dur- (2) All the parties to a credit agreement shall receive a copy of it.
(3) A credit agreement shall set out in a clear and concise manner— (b) the names and geographical addresses of the contracting parties and (c) the duration of the credit agreement, (d) the total amount of credit and the conditions governing the drawdown, (e) in the cases of credit in the form of deferred payment for a specific good or service and of a linked credit agreement, the good or serviceconcerned and its cash price, (f) the following information in relation to borrowing rates and charges: (ii) the conditions governing the application of that rate; (iii) where available, any index or reference rate applicable to the (iv) the periods, conditions and procedures for changing the bor- (v) if different borrowing rates apply in different circumstances, the information referred to in sub-subparagraphs (i) to (iv) in respectof all the applicable rates, (g) the annual percentage rate of charge and the total amount payable by the consumer, calculated at the time the credit agreement is con-cluded (mentioning all the assumptions used to calculate that rate), (h) the amount, number and frequency of payments to be made by the consumer and, where applicable, the order in which payments willbe allocated to different outstanding balances charged at differentborrowing rates for the purposes of reimbursement, (i) where capital amortisation of a credit agreement with a fixed duration is involved, a statement of the consumer’s right to receive, on requestand free of charge, at any time throughout the duration of the creditagreement, a statement of account in the form of an amortisationtable in accordance with paragraphs (4) and (5), (j) if charges and interest are to be paid without capital amortisation, a statement showing the periods and conditions for the payment of theinterest and of any associated recurrent and non-recurrent charges, (k) where applicable, the charges for maintaining an account or accounts recording payment transactions and drawdowns, unless the openingof any such account is optional, and any charges for using a meansof payment for payment transactions and drawdowns, and any othercharges deriving from the credit agreement and the conditions underwhich those charges may be changed, (l) the interest rate applicable in the case of late payments as applicable at the time when the credit agreement was concluded, and thearrangements for its adjustment and, where applicable, any chargespayable for default, (m) a warning regarding the consequences of missing payments, (n) the sureties and insurance required, if any, (o) the existence or absence of a right of withdrawal, the period during which that right may be exercised and other conditions governing theexercise of that right, including information concerning the obligationof the consumer to pay the capital drawn down and the interest inaccordance with Regulation 17(3)(b) and the amount of interest pay-able per day, (p) where applicable, information concerning the rights resulting from Regulation 18 and the conditions for the exercise of those rights, (q) the right of early repayment, the procedure for early repayment, and, where applicable, information about the creditor’s right to compen-sation and the way in which that compensation will be determined, (r) the procedure to be followed in exercising the right of termination of (s) whether or not there is an out-of-court complaint and redress mechan- ism for the consumer and, if so, the methods for having access to it, (t) any other contractual terms and conditions, and (u) where applicable, the name and address of the competent supervis- (4) Where paragraph (3)(i) applies to a credit agreement, the creditor con- cerned shall make available to the consumer concerned, free of charge and atany time throughout the duration of the credit agreement, a statement ofaccount in the form of an amortisation table.
(5) An amortisation table shall indicate the payments owing and the periods and conditions relating to the payment of such amounts. The table shall containa breakdown of each repayment showing capital amortisation, the interest calcu-lated on the basis of the borrowing rate and, where applicable, any additionalcosts. Where the interest rate is not fixed or the additional costs may be changed under the credit agreement, the amortisation table shall indicate, clearly andconcisely, that the data contained in the table will remain valid only until theborrowing rate or the additional costs are changed in accordance with the cre-dit agreement.
(6) In the case of a credit agreement under which payments made by the consumer do not give rise to an immediate corresponding amortisation of thetotal amount of credit, but are used to constitute capital during periods andunder conditions laid down in the credit agreement or in an ancillary agreement,the information required by paragraph (3) shall include a clear and concisestatement that such credit agreements do not provide for a guarantee of repay-ment of the total amount of credit drawn down under the credit agreement,unless such a guarantee is given.
(7) In the case of a credit agreement in the form of an overdraft facility where the credit has to be repaid on demand or within 3 months, the following shallbe specified in a clear and concise manner: (b) the identities and geographical addresses of the contracting parties as well as, if applicable, the identity and geographical address of thecredit intermediary involved; (c) the duration of the credit agreement; (d) the total amount of the credit and the conditions governing the (e) the following information in relation to borrowing rates and charges: (ii) the conditions governing the application of the borrowing rate; (iii) where available, any index or reference rate applicable to the (iv) the periods, conditions and procedure for changing the bor- (v) if different borrowing rates apply in different circumstances, the information referred to in sub-subparagraphs (i) to (iv) in respectof all the applicable rates; (f) an indication that the consumer may be requested to repay the amount (g) conditions governing the exercise of the right of withdrawal from the (h) information concerning the charges applicable from the time such agreements are concluded and, if applicable, the conditions underwhich those charges may be changed.
(8) Nothing in this Regulation affects the operation of any law of the State regarding the conclusion of credit agreements if the law is not inconsistent withthis Regulation.
(9) A creditor or credit intermediary that contravenes a provision of this Information concerning changes in borrowing rates 14. (1) Where applicable, subject to paragraph (2), a creditor shall inform a consumer of any change in the borrowing rate, on paper or another durablemedium, before the change enters into force. The information shall state theamount of the payments to be made after the entry into force of the new bor-rowing rate and, if the number or frequency of the payments changes, particularsof the changes.
(2) The parties may agree in the credit agreement that the information referred to in paragraph (1) is to be given to the consumer periodically where— (a) the change in the borrowing rate is caused by a change in a refer- (b) the new reference rate is made publicly available by appropriate (c) information concerning the new reference rate is kept available on the (3) A creditor that contravenes a provision of this Regulation commits an Obligations in relation to overdraft facilities 15. (1) Where a credit agreement covers credit in the form of an overdraft facility, the creditor shall keep the consumer regularly informed by means of astatement of account, on paper or on another durable medium, containing thefollowing particulars: (a) the precise period to which the statement of account relates; (b) the amounts and dates of drawdowns; (c) the balance from the previous statement, and the date of that balance; (e) the dates and amounts of payments made by the consumer; (g) any charges that have been applied; (h) where applicable, the minimum amount to be paid.
(2) Subject to paragraph (3), the consumer shall be informed on paper or another durable medium of any increase in the borrowing rate, or in any chargepayable, before the change enters into force.
(3) The parties may agree in the credit agreement that information concern- ing changes in the borrowing rate is to be given in the manner provided for inparagraph (1) where— (a) the change in the borrowing rate is caused by a change in a refer- (b) the new reference rate is made publicly available by appropriate (c) information concerning the new reference rate is kept available on the (4) A creditor that contravenes a provision of this Regulation commits an Termination of open-end credit agreements 16. (1) A consumer may effect the standard termination of an open-end cre- dit agreement free of charge at any time unless the parties have agreed on aperiod of notice. Such a period may not exceed one month.
(2) If agreed in the relevant credit agreement, the creditor may effect the standard termination of an open-end credit agreement by giving the consumerat least 2 months’ notice on paper or on another durable medium.
(3) If agreed in the credit agreement concerned, a creditor may, for objec- tively justified reasons, terminate a consumer’s right to draw down on an open-end credit agreement. The creditor shall inform the consumer of the terminationand the reasons for it on paper or on another durable medium, where possiblebefore the termination and at the latest immediately afterwards, unless the pro-vision of that information is prohibited by another law or is contrary to objec-tives of public policy or public security.
17. (1) A consumer may, within 14 calendar days after the relevant day speci- fied in paragraph (2), withdraw from a credit agreement without giving anyreason.
(2) That period for withdrawal begins on— (a) the day on which the credit agreement was concluded, or (b) the day on which the consumer receives the contractual terms and conditions and information in accordance with Regulation 13, if thatday is later than the date referred to in subparagraph (a).
(3) If a consumer exercises the right of withdrawal— (a) to give effect to the withdrawal before the expiry of the deadline referred to in paragraph (1), he or she shall so notify the creditor inaccordance with the information provided by the creditor pursuant toRegulation 13(3)(o) by a means that allows service of the notice tobe proved in accordance with law, and (b) he or she shall pay to the creditor the capital and the interest accrued on it (at the agreed borrowing rate) from the date the credit wasdrawn down until the date the capital is repaid, without any unduedelay and no later than 30 calendar days after the dispatch of thenotification of the withdrawal.
(4) The requirements of paragraph (3)(a) shall be taken to have been met if (a) is on paper or on another durable medium that is available and access- (b) is dispatched before the end of the period referred to in paragraph (1).
(5) A creditor shall not be entitled to any other compensation from a con- sumer in the event of withdrawal, except compensation for any non-refundablecharges paid by the creditor to a public administrative body.
(6) If an ancillary service relating to a credit agreement is provided by the creditor concerned or by a third party on the basis of an agreement betweenthe third party and the creditor, the consumer concerned is no longer bound bythe ancillary service contract if the consumer exercises the right of withdrawalfrom the credit agreement in accordance with this Regulation.
(7) If a consumer has a right of withdrawal under this Regulation, Regulations 10 and 11 of the Distance Marketing Regulations and Regulation 5 of the Euro-pean Communities (Cancellation of Contracts Negotiated away from BusinessPremises) Regulations 1989 (S.I. No. 224 of 1989) do not apply.
(8) This Regulation is without prejudice to any other law establishing a period of time during which the performance of a contract may not begin.
18. (1) Where a consumer has exercised a right of withdrawal from a credit agreement (being a right of withdrawal conferred by a law of the State givingeffect to an Act of the European Communities or the European Union concern-ing a contract for the supply of goods or services), he or she also ceases to bebound by any linked credit agreement.
(2) Where the goods or services covered by a linked credit agreement are not supplied, or are supplied only in part, or are not in conformity with the contractfor their supply, the consumer has the right to pursue remedies against thecreditor if the consumer has pursued remedies against the supplier but has failedto obtain the satisfaction to which he or she is entitled according to the law orthe contract for the supply of the goods or services.
19. (1) A consumer may at any time discharge fully or partially his or her obligations under a credit agreement. In such cases, he or she is entitled to areduction in the total cost of the credit to the extent of the interest and the costsfor the remaining duration of the agreement.
(2) Subject to paragraphs (3) to (6), in the event of early repayment of credit the creditor concerned is entitled to fair and objectively justified compensationfor possible costs directly linked to the early repayment if the early repaymentfalls within a period for which the borrowing rate is fixed.
(a) if the period between the early repayment and the agreed termination of the credit agreement exceeds one year, one per cent of the amountof credit repaid early, or (b) if that period is one year or less, 0.5 per cent of the amount of credit (4) A creditor is not entitled to compensation— (a) if the repayment has been made under an insurance contract intended (b) in the case of an overdraft facility, or (c) if the repayment falls within a period for which the borrowing rate is (5) A creditor is entitled to compensation under this Regulation only if the amount of early repayment exceeds €10,000 within any period of 12 months.
(6) Any compensation shall not exceed the amount of interest the consumer would have paid during the period between the early repayment and the agreeddate of termination of the credit agreement.
20. (1) If a creditor’s rights under a credit agreement or the agreement itself are assigned to a third party, the consumer concerned is entitled to plead againstthe assignee any defence available to him or her against the original creditor,including set-off.
(2) The consumer shall be informed of an assignment referred to in paragraph (1) except where the original creditor, by agreement with the assignee, continuesto service the credit vis-à-vis the consumer.
21. (1) If a creditor and a consumer agree to open a current account, and there is a possibility of the consumer being allowed an overrun, the agreementshall contain the information referred to in Regulation 9(1)(e). The creditorshall provide that information on paper or on another durable medium on aregular basis.
(2) If a significant overrunning continues for longer than one month, the creditor shall inform the consumer without delay, on paper or on another dur-able medium— (d) of any penalties, charges or interest on arrears applicable.
(3) This Regulation is without prejudice to any other law requiring a creditor to offer another kind of credit product when the duration of an overrunningis significant.
(4) A creditor or credit intermediary that contravenes a provision of this Calculation of annual percentage rate of charge 22. (1) The annual percentage rate of charge (equating, on an annual basis, to the present value of all commitments (drawdowns, repayments and charges),future or existing, agreed by the creditor and consumer concerned) shall becalculated in accordance with the mathematical formula set out in Part I ofSchedule 1.
(2) For the purpose of calculating the annual percentage rate of charge, the total cost of the credit to the consumer shall be determined, with the excep-tion of— (a) any charges payable by the consumer for non-compliance with any commitments laid down in the credit agreement, and (b) charges (other than the purchase price) that, for purchases of goods or services, he or she is obliged to pay whether the transaction iseffected in cash or on credit.
(3) The costs of maintaining an account recording payment transactions and drawdowns, the costs of using a means of payment for payment transactions anddrawdowns, and any other costs relating to payment transactions shall beincluded in the total cost of credit to the consumer unless— (a) the opening of such an account is optional, and (b) the costs of the account have been clearly and separately shown in the credit agreement or in another agreement concluded with theconsumer.
(4) The calculation of the annual percentage rate of charge shall be based on (a) the credit agreement is to remain valid for the period agreed, and (b) the creditor and the consumer will fulfil their obligations under the terms of, and by the dates specified in, the credit agreement.
(5) In the case of a credit agreement allowing variations in the borrowing rate and, where applicable, charges contained in the annual percentage rate of chargebut unquantifiable at the time of calculation, the annual percentage rate ofcharge shall be calculated on the assumption that the borrowing rate and othercharges will remain fixed in relation to the initial level and will remain applicableuntil the end of the credit agreement.
(6) Where necessary, the additional assumptions set out in Schedule 1 may be used in calculating the annual percentage rate of charge.
Obligations of credit intermediaries 23. (1) A credit intermediary shall indicate in advertising and documentation intended for consumers the extent of his or her powers, in particular whether heor she works exclusively with one or more creditors or as an independent broker.
(2) A credit intermediary shall ensure that any fee payable by a consumer to the credit intermediary for his or her services is disclosed to the consumer, andagreed between the consumer and the credit intermediary on paper or onanother durable medium before the relevant credit agreement is concluded.
(3) A credit intermediary shall ensure that any fee payable by a consumer to the credit intermediary for the credit intermediary’s services is communicatedto the creditor by the credit intermediary for the purpose of calculation of theannual percentage rate of charge.
(4) A credit intermediary that contravenes a provision of this Regulation 24. (1) A provision of a credit agreement that purports to disapply to the agreement any provision of these Regulations, or to alter in any respect theoperation of any provision of these Regulations in relation to the agreement, isof no effect.
(2) Without limiting the generality of paragraph (1)— (a) if a credit agreement has a close link with the State such that the law of the State would apply to it, but a provision of the agreement pur-ports to apply the law of another country, the provision is of noeffect, and (i) an arrangement is in real terms a single transaction or a single commercial arrangement that would give rise to a credit agree-ment to which these Regulations would apply, but is cast in a formsuch that these Regulations apparently do not apply to it, and (ii) it appears that the agreement was cast in that form for the purpose of avoiding the application of these Regulations, a court shall have regard to the commercial reality of the transaction for thepurpose of determining whether or not these Regulations apply to it.
25. (1) A person who is guilty of an offence under these Regulations is (a) on summary conviction, to a fine not exceeding €3,000 or imprison- ment for a term not exceeding 12 months or both, or (b) on conviction on indictment, to a fine not exceeding €100,000 or imprisonment for a term not exceeding 3 years or both.
(2) Where a person is convicted of an offence under these Regulations and there is a continuation of the offence by the person after his or her conviction,the person commits a further offence on every day on which the contraventioncontinues and for each such offence is liable— (a) on summary conviction, to a fine not exceeding €1,000, or (b) on conviction on indictment, to a fine not exceeding €10,000.
(3) Where an offence referred to in paragraph (1) or (2) is proved to have been committed by a body corporate with the consent, connivance or approvalof, or to be attributable to the wilful neglect of, a person— (a) who is a director, manager, secretary or other officer of the body cor- (b) who purported to act in any such capacity, that person as well as the body corporate commits an offence and is liable to beproceeded against and punished as if he or she were guilty of the first-men-tioned offence.
(4) A person may be charged with an offence under paragraph (3) even if the body corporate concerned is not charged with any offence under these Regu-lations in relation to the same matter.
(5) Summary proceedings in relation to an offence under these Regulations may be prosecuted by the Central Bank and Financial Services Authority ofIreland.
Regulation of certain friendly societies for certain purposes. 26. The Irish Financial Services Regulatory Authority is the regulator of friendly societies, other than any to which Parts 2 to 6 and this Part do notapply, in relation to compliance with Parts 2 to 6 and this Part.
Amendments of other statutory instruments Amendment of Distance Marketing Regulations 27. (1) The European Communities (Distance Marketing of Consumer Fin- ancial Services) Regulations 2004 (S.I. No. 853 of 2004) are amended in Sched-ule 2 by inserting after subparagraph (b) the following: “(ba) where the financial service is a credit agreement to which the European Communities (Consumer Credit Agreements) Regu-lations 2010 (S.I. No. . of 2010) apply, the following particulars: (i) the total amount of credit and the conditions governing its (ii) the duration of the credit agreement; (iii) in the cases of credit in the form of deferred payment for a specific good or service and a linked credit agreement, thegood or service concerned and its cash price; (iv) the following information in relation to borrowing rates and (II) the conditions governing the application of the initial bor- (III) where available, any index or reference rate applicable to (IV) the periods, conditions and procedure for changing the (V) if different borrowing rates apply in different circum- stances, the information required by sub-subparagraphs(i) to (iv) for all the applicable rates; (v) the amount, number and frequency of payments to be made by the consumer and, where applicable, the order in whichpayments will be allocated to different outstanding balancescharged at different borrowing rates for the purposes of reim-bursement; (vi) the annual percentage rate of charge illustrated by means of Methods of calculating annual percentage rate of charge Basic equation expressing equivalence of drawdowns with repayments and The basic equation, which establishes the annual percentage rate of charge(APR), equates, on an annual basis, the total present value of drawdowns onthe one hand and the total present value of repayments and payments of chargeson the other hand, i.e.: m is the number of the last drawdown, k is the number of a drawdown, thus 1 k m, C is the amount of drawdown k, t is the interval, expressed in years and fractions of a year, between the date of the first drawdown and the date of each subsequent draw-down, thus t = 0, m/ is the number of the last repayment or payment of charges, l is the number of a repayment or payment of charges, D is the amount of a repayment or payment of charges, s is the interval, expressed in years and fractions of a year, between the date of the first drawdown and the date of each repayment orpayment of charges.
Remarks:
(a) The amounts paid by both parties at different times shall not necess- arily be equal and shall not necessarily be paid at equal intervals.
(b) The starting date shall be that of the first drawdown.
(c) Intervals between dates used in the calculations shall be expressed in years or in fractions of a year. A year is presumed to have 365 days(or 366 days for leap years), 52 weeks or 12 equal months. An equal month is presumed to have 30.41666 days (i.e. 365/12) regardless ofwhether or not it is a leap year.
(d) The result of the calculation shall be expressed with an accuracy of at least one decimal place. If the figure at the following decimal place isgreater than or equal to 5, the figure at that particular decimal placeshall be increased by one.
(e) The equation can be rewritten using a single sum and the concept of flows (Ak), which will be positive or negative, in other words eitherpaid or received during periods 1 to k, expressed in years, i.e.: S being the present balance of flows. If the aim is to maintain the equivalence Additional assumptions for calculation of annual percentage rate of charge (a) if a credit agreement gives the consumer freedom of drawdown, the total amount of credit shall be deemed to be drawn down immediatelyand in full; (b) if a credit agreement provides different ways of drawdown with differ- ent charges or borrowing rates, the total amount of credit shall bedeemed to be drawn down at the highest charge and borrowing rateapplied to the most common drawdown mechanism for this type ofcredit agreement; (c) if a credit agreement gives the consumer freedom of drawdown in general but imposes, amongst the different ways of drawdown, a limi-tation with regard to the amount and period of time, the amount ofcredit shall be deemed to be drawn down on the earliest date providedfor in the agreement and in accordance with those drawdown limits; (d) if there is no fixed timetable for repayment, it shall be assumed: (i) that the credit is provided for a period of one year; and (ii) that the credit will be repaid in 12 equal instalments and at (e) if there is a fixed timetable for repayment but the amount of such repayments is flexible, the amount of each repayment shall be deemedto be the lowest for which the agreement provides; (f) unless otherwise specified, where the credit agreement provides for more than one repayment date, the credit is to be made available andthe repayments made on the earliest date provided for in theagreement; (g) if the ceiling applicable to the credit has not yet been agreed, that (h) in the case of an overdraft facility the total amount of credit shall be deemed to be drawn down in full and for the whole duration of thecredit agreement. If the duration of the credit agreement is not knownthe annual percentage rate of charge shall be calculated on theassumption that the duration of the credit is three months; (i) if different interest rates and charges are offered for a limited period or amount, the interest rate and the charges shall be deemed to bethe highest rate for the whole duration of the credit agreement; (j) for consumer credit agreements for which a fixed borrowing rate is agreed in relation to the initial period, at the end of which a newborrowing rate is determined and subsequently periodically adjustedaccording to an agreed indicator, the calculation of the annual per-centage rate shall be based on the assumption that, at the end of thefixed borrowing rate period, the borrowing rate is the same as at thetime of calculating the annual percentage rate, based on the value ofthe agreed indicator at that time.
Standard European Consumer Credit Information Form 1. Name and contact details of the creditor and any credit intermediary
E-mail address [*]Fax number [*]Web address [*] Telephone number [*]E-mail address [*]Fax number [*]Web address [*] [*] This information is optional for thecreditor.
Wherever “if applicable” is indicated, the creditor must fill in the box if theinformation is relevant to the credit product or delete the respective informationor the entire row if the information is not relevant for the type of creditconsidered.
Indications between square brackets provide explanations for the creditor andmust be replaced with the corresponding information.
2. Description of the main features of the credit product
The total amount of creditThis means the ceiling or the total sums madeavailable under the credit agreement. The conditions governing the drawdownThis means how and when you will obtain themoney. Instalments and, where appropriate, the order [The amount, number and frequency ofpayments to be made by the consumer]Interest and/or charges will be payable in thefollowing manner: [Sum of total amount of credit and total cost This means the amount of borrowed capital plus interest and possible costs related to yourcredit. If applicableThe credit is granted in the form of a deferredpayment for a good or service or is linked tothe supply of specific goods or the provision ofa serviceName of good/serviceCash price Sureties requiredThis is a description of the security to beprovided by you in relation to the creditagreement. If applicableRepayments do not give rise to immediateamortisation of the capital.
3. Costs of the credit
The borrowing rate or, if applicable, different borrowing rates which apply to the credit — variable (with the index or reference rate applicable to the initial borrowing rate), [% A representative example mentioning all This is the total cost expressed as an annual the assumptions used for calculating the rate percentage of the total amount of credit. The APR is there to help you compare differentoffers. Is it compulsory, in order to obtain the creditor to obtain it on the terms and conditionsmarketed, to take out— an insurance policy securing the credit, or Yes/no [if yes, specify the kind of insurance] Yes/no [if yes, specify the kind of ancillary If the costs of these services are not known by the creditor they are not included in the APR. If applicableMaintaining one or more accounts is requiredfor recording both payment transactions anddrawdowns If applicableAmount of costs for using a specific means ofpayment (e.g. a credit card) If applicableAny other costs deriving from the creditagreement If applicableConditions under which the abovementionedcosts related to the credit agreement can bechanged You will be charged [. (applicable interest Missing payments could have severe rate and arrangements for its adjustment and, consequences for you (e.g. forced sale) and where applicable, default charges)] for missing make obtaining credit more difficult. 4. Other important legal aspects
You have the right to withdraw from the creditagreement within a period of 14 calendar days. Early repaymentYou have the right to repay the credit early atany time in full or partially. The creditor is entitled to compensation in the Regulation 19 of the European Communities(Consumer Credit Agreements) Regulations2010)] Consultation of a databaseThe creditor must inform you immediately andwithout charge of the result of a consultation ofa database, if a credit application is rejected onthe basis of such a consultation. This does notapply if the provision of such information isprohibited by European Community law or iscontrary to objectives of public policy or publicsecurity. Right to a draft credit agreementYou have the right, upon request, to obtain acopy of the draft credit agreement free ofcharge. This provision does not apply if thecreditor is at the time of the request unwilling toproceed to the conclusion of the creditagreement with you. This information is valid from . until .
The period of time during which the creditor isbound by the pre-contractual information 5. Additional information in the case of distance marketing of financial
services
Representative of the creditor in your Member [Geographical address to be used by theconsumer] Telephone number [*]E-mail address [*]Fax number [*]Web address [*] [The trade register in which the creditor is entered and his registration number or anequivalent means of identification in thatregister] If applicableThe supervisory authority [Practical instructions for exercising the right of withdrawal indicating, inter alia, the periodfor exercising the right, the address to whichnotification of exercise of the right ofwithdrawal should be sent and theconsequences of non-exercise of that right] If applicableThe law taken by the creditor as a basis forthe establishment of relations with you beforethe conclusion of the credit contract Clause stipulating the governing law applicableto the credit agreement and/or the competentcourt Information and contractual terms will be supplied in [specific language]. With yourconsent, we intend to communicate in [specificlanguage/languages] during the duration of thecredit agreement.
complaint and redress mechanism for theconsumer who is party to the distance contractand, if so, the methods of access to it] [*] This information is optional for the creditor.
European Consumer Credit Information Form for overdrafts, consumer credit offered by certain credit organisations and debt conversion 1. Name and contact details of the creditor and any credit intermediary
E-mail address [*]Fax number [*]Web address [*] Telephone number [*]E-mail address [*]Fax number [*]Web address [*] Wherever “if applicable” is indicated, the creditor must fill in the box if theinformation is relevant to the credit product or delete the respectiveinformation or the entire row if the information is not relevant for the type ofcredit considered.
Indications between square brackets provide explanations for the creditor andmust be replaced with the corresponding information.
[*] This information is optional for the creditor.
2. Description of the main features of the credit product
The total amount of creditThis means the ceiling or the total sums madeavailable under the credit agreement.
The duration of the credit agreement If applicableYou may be requested to repay the amount ofcredit in full on demand at any time 3. Costs of the credit
The borrowing rate or, if applicable, different borrowing rates which apply to the credit — variable (with the index or reference rateapplicable to the initial borrowing rate)], [The costs applicable from the time the credit If applicableThe conditions under which those costs maybe changed You will be charged [. (applicable interestrate and arrangements for its adjustment and,where applicable, default charges)] for missingpayments.
4. Other important legal aspects
[The conditions and procedure for terminatingthe credit agreement] Consultation of a databaseThe creditor must inform you immediately andwithout charge of the result of a consultation ofa database if a credit application is rejected onthe basis of such a consultation. This does notapply if the provision of such information isprohibited by European Community law or iscontrary to objectives of public policy or publicsecurity. This information is valid from . until.
The period of time during which the creditor isbound by the pre-contractual information 5. Additional information to be given where the pre-contractual information
is provided by a credit union or relates to a consumer credit for debt conversion
Instalments and, where appropriate, the order [Representative example of an instalment tableincluding the amount, number and frequencyof payments to be made by the consumer] Early repaymentYou have the right to repay the credit early atany time in full or partially.
If applicableThe creditor is entitled to compensation in the (calculation method) in accordance with theprovisions implementing Article 16 ofDirective 2008/48/EC] 6. Additional information to be given in the case of distance marketing of
financial services
If applicableRepresentative of the creditor in your Member Telephone number [*]E-mail address [*]Fax number [*]Web address [*] [The trade register in which the creditor isentered and his registration number or anequivalent means of identification in thatregister] If applicableThe supervisory authority You have the right to withdraw from the creditagreement within a period of 14 calendar days.
If applicableExercise of the right of withdrawal [Practical instructions for exercising the rightof withdrawal indicating, inter alia, the addressto which notification of exercise of the right ofwithdrawal should be sent and theconsequences of non-exercise of that right] If applicableThe law taken by the creditor as a basis forthe establishment of relations with you beforethe conclusion of the credit contract If applicableClause stipulating the law applicable to the credit agreement and/or the competent court Information and contractual terms will besupplied in [specific language]. With yourconsent, we intend to communicate in [specificlanguage/languages] during the duration of thecredit agreement.
complaint and redress mechanism for theconsumer who is party to the distance contractand, if so, the methods of access to it] [*] This information is optional for the creditor.
(This note is not part of the Instrument and does not purport to be a legal These regulations transpose into domestic law the provisions of the Consumer Credit Directive 2008/48/EC of the European Parliament and of the Council oncredit agreements for consumers. That Directive establishes a harmonised legalframework in the European Union for the provision of consumer credit rangingfrom €200 to €75,000. It does not apply to mortgages. It replaced a 1987Directive (87/102/EEC), which laid down minimum rules for consumer creditagreements within the EU and which was transposed into domestic law by theConsumer Credit Act 1995.
The Regulations have the following benefits for consumers: • Standardisation of pre-contractual information through the use of the Standard European Consumer Credit Information form (SECCI) and stan-dardisation of the information to be contained in a credit agreement.
• The Annual Percentage Rate of charge (APR) will be more transparent and will include all known costs and assumptions used in calculation. Thiswill provide an effective tool for comparisons between loans offered bycreditors.
• Consumer Protection will be enhanced through more adequate expla- nations, creditworthiness checks and credit history checks.
• In the case of credit intermediaries, all fees and ties with the credit provider must be provided for in the advertising and in the documentation providedto the consumer. The fees for the credit intermediary must also be includedin the APR quoted to the consumer.
• The Directive provides that compensation for early repayment of fixed rate loans may not exceed 1% (or 0.5% if less than a year remains on the fixedrate) of the amount of the credit repaid early. The creation of a thresholdof €10,000 under which early repayment fees will not be charged in anyone year provides enhanced benefits to consumers to repay early when theopportunity arises.
• Full 14 day “Right of Withdrawal” applies to all credit agreements subject to the full provisions of the Directive. Option to waive the “Right ofWithdrawal” is not permitted.
TEACH SUN ALLIANCE, SRÁID THEACH LAIGHEAN, BAILE ÁTHA CLIATH 2, FOILSEACHÁIN RIALTAIS, AN RANNÓG POST-TRÁCHTA, AONAD 20 PÁIRC MIONDÍOLA COIS LOCHA, CLÁR CHLAINNE MHUIRIS, (Teil: 01 - 6476834 nó 1890 213434; Fax: 094 - 9378964 nó 01 - 6476843) SUN ALLIANCE HOUSE, MOLESWORTH STREET, DUBLIN 2, GOVERNMENT PUBLICATIONS, POSTAL TRADE SECTION, UNIT 20 LAKESIDE RETAIL PARK, CLAREMORRIS, CO. MAYO, (Tel: 01 - 6476834 or 1890 213434; Fax: 094 - 9378964 or 01 - 6476843) Wt. (B27713). 285. 6/10. Cahill. Gr. 30-15.

Source: http://www.esrb.europa.eu/mppa/cbmd/shared/pdf/Ireland/2013-12-09_Consumer_Credit_Agreements_Ireland.pdf?0076b3d3253cf05facf17348533699de