Consultation on the Credit Servicing Directive – Three Initial Observations

The Department of Finance has announced a consultation process on the Credit Servicing Directive. The key objective of the Directive is to promote a secondary market for NPLs. DLA Piper is closely monitoring the transposition of the Directive in Ireland and across the EU to assess the likely impacts on our clients who engage in credit purchasing and/or servicing on a pan-European basis.

The consultation process will run until 8 March 2023 and submissions received will be taken into consideration when deciding whether, and how, Ireland exercises any of the discretions afforded to Member States in the transposition of the Directive. The transposition deadline is 29 December 2023.

Here are three initial observations that will be of interest to credit purchasers and credit servicers.

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