Dáil Éireann Debate, Tuesday - 3 October 2023
240. Deputy Rose Conway-Walsh asked the Minister for Finance if the EU's Consumer Credits legislation, recently passed by the European Parliament, will necessitate any changes in domestic law; and if he will make a statement on the matter. [42356/23]
View answerThe Deputy may wish to note that this issue was addressed in the Financial Consumer Protection Roadmap which my Department published on 13th September.
The revised Consumer Credit Directive will enter into force on the 20th day after its publication in the Official Journal of the EU. Member states will then have 2 years to adopt necessary laws and administrative provisions (transposition) and 3 years to apply them.
Some of the definite required changes will include: expanding the scope of the current legislation to include credits up to €100,000 (previously €50,000 under the 2008 directive); changes to the information which must be provided to a consumer before entering into a contract with a lender; and, rules on the use of health data on certain diseases being used for decisions on insurance contracts linked to certain credit contracts.
The full extent of changes required in domestic legislation will be determined and addressed during the transposition timeframe.
