Dáil Éireann Debate, Tuesday - 30 November 2021
194. Deputy Jackie Cahill asked the Minister for Finance if EU Directive 2018/0063 (COD) of the European Parliament and of the Council on Credit Services, Credit Purchasers and the Recovery of Collateral has been transposed into Irish law; and if he will make a statement on the matter. [58793/21]
Amharc ar fhreagraI should clarify that the item referred to by the Deputy was the Proposal for a Directive, rather than a Directive itself. The Proposal was part of the package of measures published by the EU Commission in March 2018 to address the issue of non-performing loans (NPLs).
Proposal (2018/0063(COD)) was subsequently split into two parts so that the element relating to credit services and credit purchasers could be progressed in the first instance.
This resulted in two proposals:
- 2018/0063A (COD) - Credit servicers and credit purchasers (Non-performing loans Directive)
- 2018/0063B (COD) - Accelerated extrajudicial collateral enforcement (AECE)
The Directive resulting from Part A of the Proposal (regarding credit services and credit purchasers) was adopted by the European Parliament in October and adopted by the Council earlier this month. Publication in the Official Journal of the European Union is to follow. Once the Directive has been published, member states will have 24 months to transpose the Directive.
The Proposal for a Directive on Accelerated Extrajudicial Collateral Enforcement (AECE) has not yet been adopted and it is still the subject of the EU legislative process.
