Increased Protection for Variable Rate Mortgage Holders

Certain variable rate mortgage holders will benefit from increased protection from 1 February 2017, once new requirements introduced by the Central Bank of Ireland (“Central Bank”) start to apply. These new requirements are set out in a recently published addendum to the Consumer Protection Code 2012 (the “Addendum”). The Addendum also amends the Consumer Protection Code 2012 (“CPC”) to take into account the new European Union (Consumer Mortgage Credit Agreements) Regulations 2016, and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 (“SME Regulations”). 

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