Ireland:
NPLs: Directive On Credit Servicers And Credit Purchasers Published In Official Journal And Will Apply From December 2023
28 December 2021
Arthur Cox
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The EU Directive on Credit Servicers and Credit Purchasers has
been published in the Official Journal as Directive (EU) 2021/2167.
As expected, Member States will need to publish their
transposing measures by 29 December 2023, and apply them from 30
December 2023. For more information, read our previous
updates here and here.
As mentioned in our previous updates, in-scope credit purchasers
will not need to be regulated and this is a welcome development as,
in Ireland, the authorisation requirement has been particularly
onerous. However, key issues to be worked through pre-transposition
include the categorisation of NPLs, and how sales of combined
portfolios by EU banks (comprising NPLs and performing loans) are
to be dealt with. The Directive will apply to post-transposition
NPL sales only, so credit servicers and credit purchasers are
likely to be dealing with a mixed regime for some time to come.
This article contains a general summary of developments and
is not a complete or definitive statement of the law. Specific
legal advice should be obtained where appropriate.
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