Legalize / Ireland / Act

Credit Review Act 2026

Type Act

Publication 2026-02-03

State In force

Source Irish Statute Book

Reform history JSON API

PART 1 Preliminary and General

1. Short title and commencement

1. (1) This Act may be cited as the Credit Review Act 2026.

(2) This Act shall come into operation on such day or days as the Minister may by order or orders appoint either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.

2. Interpretation

2. (1) In this Act—

“Act of 2014” means the Companies Act 2014;

“alternative arrangement”, in relation to a credit facility agreement, means an agreement, governed by the law of the State, under which the borrower and the relevant person agree to vary or replace, in whole or in part, the terms and conditions of the credit facility agreement;

“application”, other than in sections 20, 21, 25 to 30 and 32, means an application by a borrower to enter a credit facility agreement or an alternative arrangement with a relevant person and “applicant” shall be construed accordingly;

“Bank” means the Central Bank of Ireland;

“borrower” means an SME or a farmer, acting in their capacity as such SME or farmer, as the case may be;

“constructive refusal” means—

(a) an offer by a relevant person to enter into a credit facility agreement or an alternative arrangement on terms and conditions that the applicant reasonably considers are so onerous as to amount to a refusal,

(b) the failure by a relevant person within 15 working days of receipt of an application to—

(i) make a decision on the application and give notice of the decision to the applicant, or

(ii) give notice to the applicant that assessment of the application will take longer than 15 working days and specifying the expected period within which a decision on the application will be made and notified to the applicant,

(c) the failure by a relevant person to make a decision on an application and notify the decision to the applicant within a period specified in a notice referred to in paragraph (b)(ii);

“credit” means a deferred payment, cash loan or other similar financial accommodation, including (but not limited to) hire-purchase, invoice discounting and the letting of goods;

“credit decision”, in relation to a borrower, means any of the following decisions made by a relevant person:

(a) refusal of an application by the borrower to enter a credit facility agreement;

(b) constructive refusal of an application by the borrower to enter a credit facility agreement;

(d) reduction of the amount of credit to be made available to the borrower pursuant to a credit facility agreement or an alternative arrangement;

(e) refusal of an application by the borrower to enter an alternative arrangement;

(f) constructive refusal of an application by the borrower to enter an alternative arrangement;

(g) withdrawal from the borrower of an alternative arrangement in relation to a credit facility agreement;

“credit facility” means credit of an amount not less than the prescribed minimum amount and not greater than the prescribed maximum amount;

“credit facility agreement” means an agreement, governed by the law of the State, under which a relevant person grants or promises to grant a credit facility to a borrower;

“credit institution” means a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013[^1], other than a credit union registered as such under the Credit Union Act 1997 or deemed to be so registered by virtue of section 5(3) of that Act;

“Credit Reviewer”, other than in section 11(4) and Part 4, has the meaning assigned to it by section 11(1);

“establishment day” means the day appointed under section 8;

“farmer” means a person engaged in primary production (within the meaning of Regulation (EC) No 178/2002 of the European Parliament and of the Council of 28 January 2002[^2]) in the State;

“Guidelines” means Guidelines Issued Under Section 210(1) of the National Asset Management Agency Act 2009 Regarding Lending Practices and Procedures and Relating to the Review of Decisions of Participating Institutions to Refuse Credit Facilities (S.I. No. 127 of 2010);

“local authority” has the same meaning as it has in the Local Government Act 2001;

“Minister” means the Minister for Finance;

“prescribe” means prescribe by regulations made by the Minister;

“prescribed maximum amount” means an amount prescribed by the Minister under paragraph (b) of section 3(1);

“prescribed minimum amount” means an amount prescribed by the Minister under paragraph (a) of section 3(1);

“regulated financial service provider” has the same meaning as it has in the Central Bank Act 1942;

“relevant activity” means entering into, or offering to enter into, credit facility agreements or alternative arrangements with borrowers;

“relevant person” means—

(a) a credit institution carrying on a relevant activity, or

(b) a member of a class of regulated financial service providers prescribed under subsection (2) carrying on a relevant activity;

“Service” has the meaning assigned to it by section 9;

“SME” means a micro, small or medium-sized enterprise (within the meaning of Commission Recommendation 2003/361/EC of 6 May 2003[^3]) carrying on business in the State.

(2) The Minister may, after consultation with the Bank, the Service and the Competition and Consumer Protection Commission, prescribe for the purposes of paragraph (b) of the definition of “relevant person” in subsection (1) a class of regulated financial service providers that are authorised to provide credit facilities to borrowers.

(3) When deciding whether to prescribe a class of regulated financial service providers under subsection (2), the Minister shall have regard to—

(a) the extent to which demand by borrowers for credit is being met by regulated financial service providers,

(b) the importance to borrowers and the economy of the State of particular types of credit provided by the class of regulated financial service providers concerned, and

3. Prescribed minimum and maximum amounts

3. (1) Subject to subsections (2), (3) and (4), the Minister shall, for the purposes of the definition of “credit facility” in section 2, prescribe—

(a) a minimum amount, and

(b) a maximum amount.

(2) An amount prescribed under paragraph (a) of subsection (1) shall be not less than €1,000.

(3) An amount prescribed under paragraph (b) of subsection (1) shall be not greater than €5,000,000.

(4) In prescribing an amount under paragraph (a) or (b) of subsection (1), the Minister shall have regard to—

(a) the level of demand by borrowers for credit of amounts ranging between the amount proposed to be prescribed under paragraph (a) of subsection (1) and the amount proposed to be prescribed under paragraph (b) of subsection (1) and the extent to which such demand is being met,

(b) the importance to borrowers and the economy of the State of borrowers being able to obtain credit of amounts ranging between the amount proposed to be prescribed under paragraph (a) of subsection (1) and the amount proposed to be prescribed under paragraph (b) of subsection (1),

(d) the economic conditions prevailing in the market for provision of credit to borrowers, and

(e) the need to ensure the effective and efficient use of resources available to the Service.

4. Regulations

4. (1) The Minister may make regulations for the purposes of this Act, including regulations for prescribing any matter or thing which is referred to in this Act as prescribed or to be prescribed, or for the purpose of enabling any provision of this Act to have full effect.

(2) Regulations under this Act may contain such incidental or supplementary provisions that appear to the Minister to be expedient for the purposes of the regulations.

(3) Every regulation made by the Minister under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House sits after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

5. Service of notices and other documents

5. A notice, notification or other document that is required to be sent or given to a person or body under this Act may be sent or given to the person or body in one of the following ways:

(a) by delivering it to the person or body;

(b) by addressing it to the person or body and leaving it at the address at which he or she ordinarily resides or is located or, in a case in which an address for service has been furnished, at that address;

(c) by sending it to the person or body by post in a prepaid registered letter to the address at which he or she ordinarily resides or is located or, in a case in which an address for service has been furnished, to that address;

(d) by sending it to an email address, fax number or other electronic contact point for the person, where a record that the notice or other document has been sent is made by the email system, fax machine or other electronic system used.

6. Repeal and revocations

6. (1) Section 210 of the National Asset Management Agency Act 2009 is repealed.

(2) The following statutory instruments are revoked:

(a) Guidelines Issued Under Section 210(1) of the National Asset Management Agency Act 2009 Regarding Lending Practices and Procedures and Relating to the Review of Decisions of Participating Institutions to Refuse Credit Facilities (S.I. No. 127 of 2010);

(b) National Asset Management Agency Act 2009 (Section 210) Amending Guidelines 2011 (S.I. No. 354 of 2011);

7. Expenses

7. The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, be paid out of moneys provided by the Oireachtas.

PART 2 An tSeirbhís um Athbhreithniú Creidmheasa

8. Establishment day

8. The Minister shall by order appoint a day to be the establishment day for the purposes of this Act.

9. Establishment of Service

9. (1) On the establishment day there shall stand established a body to be known as An tSeirbhís um Athbhreithniú Creidmheasa (in this Act referred to as the “Service”), to perform the functions conferred on it by this Act.

(2) The Service shall be a body corporate with perpetual succession and an official seal and shall have the power to sue, and may be sued, in its corporate name and may, with the consent of the Minister and the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, acquire, hold and dispose of land, an interest in land or any other property.

(3) The Service shall—

(a) subject to this Act, be independent in the exercise of its functions, and

(b) have all such powers as are necessary or expedient for, or incidental to, the performance of its functions.

(4) The seal of the Service may be authenticated by—

(a) the signature of the Credit Reviewer, or

(b) the signature of a member of the staff of the Service authorised by the Credit Reviewer to act in that behalf.

(5) Judicial notice shall be taken of the seal of the Service and any document purporting to be an instrument made by, and to be sealed with the seal of, the Service shall, unless the contrary is shown, be received in evidence and be deemed to be such document without further proof.

(6) Any contract or instrument which, if entered into or executed by an individual, would not require to be under seal may be entered into or executed on behalf of the Service by any person generally or specially authorised by the Service in that behalf.

(7) The Service may enter into agreements with other persons for the purposes of the performance of the functions of the Service.

10. Functions of Service

10. The functions of the Service shall be to—

(a) review credit decisions of relevant persons in accordance with section 26,

(b) review the lending practices, activities and policies of relevant persons in accordance with section 30,

(c) prepare and publish information relevant to borrowers on matters relating to markets for the provision of credit, and

(d) perform any other function conferred on it under any other provision of this Act or any other enactment.

11. Credit Reviewer

11. (1) The Service shall have a chief executive officer who shall be known as the “Credit Reviewer” (in this Act referred to as the “Credit Reviewer”).

(2) Subject to subsection (4), the Minister shall appoint a person recruited in accordance with the Public Service Management (Recruitment and Appointments) Act 2004 to be the Credit Reviewer for the purposes of this Act.

(3) An appointment under subsection (2) shall not be made unless the person who the Minister proposes to appoint possesses, in the opinion of the Minister, sufficient expertise in, or experience of, one or more of the following areas, namely, banking and financial services, the market for the provision of credit or the regulation of financial markets.

(4) A person who, immediately before the establishment day, stood appointed as the Credit Reviewer for the purposes of the Guidelines shall, on the establishment day, become and be the Credit Reviewer for the purposes of this Act, subject to no less favourable terms and conditions as applied to the appointment, and shall continue as Credit Reviewer for the purposes of this Act for the remainder of the term of that appointment, unless he or she sooner dies, resigns from office or otherwise ceases to hold office.

(5) The appointment of a person as Credit Reviewer shall be subject to such terms and conditions (including terms and conditions relating to remuneration, allowances and term of office) as the Minister, with the consent of the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, may determine.

(6) The Credit Reviewer shall not, without the consent of the Minister, hold any other office or employment in respect of which remuneration is payable or carry on any business, trade or profession.

(7) The Credit Reviewer shall be a member of staff of the Service.

(8) The Credit Reviewer may resign from office by notice in writing given or sent to the Minister stating his or her intention to do so and the resignation shall take effect from—

(a) a date that is not less than 3 months after the date of the notice, or

(b) such other date as may be agreed with the Minister.

12. Functions of Credit Reviewer

12. (1) The Credit Reviewer shall be the accounting officer, for the purposes of the Comptroller and Auditor General Acts 1866 to 1998, in relation to the appropriation accounts of the Service.

(2) The Service shall act through, and its functions shall be performed in the name of the Service by, the Credit Reviewer or another member of staff of the Service duly authorised in that behalf by the Credit Reviewer.

(3) The Credit Reviewer shall—

(a) manage and control generally the staff, administration and business of the Service,

(b) perform such functions as are specified in this Act to be functions of the Service,

(d) provide the Minister with such information relating to the performance of his or her functions and the implementation of the Minister’s policies and priorities, in so far as those policies and priorities relate to such functions, as the Minister may request, and

(e) perform such other functions (if any) as may be authorised under this Act or any other enactment.

(4) The Credit Reviewer shall, in the performance of his or her functions under this Act, have regard to the Minister’s policies and priorities in so far as those policies and priorities relate to such functions.

(5) The functions of the Credit Reviewer may be performed by any one or more of the members of staff of the Service as may from time to time be designated for that purpose by the Credit Reviewer or, when the position of Credit Reviewer is vacant, by the Minister.

13. Ineligibility for appointment, disqualification and removal from office

13. (1) A person shall not be eligible for appointment as Credit Reviewer and a person shall cease to hold office as Credit Reviewer, if he or she—

(a) is adjudicated bankrupt and such bankruptcy has not been annulled or discharged,

(b) makes a composition or arrangement with creditors,

(d) is convicted on indictment of an offence, or is convicted outside the State of an offence consisting of acts or omissions that, if done or made in the State, would constitute an offence triable on indictment,

(e) is convicted of an offence involving fraud or dishonesty,

(f) has a declaration under section 819 of the Act of 2014 made against him or her or is deemed to be subject to such a declaration by virtue of Chapter 5 of Part 14 of that Act, or

(g) is subject, or is deemed to be subject, to a disqualification order within the meaning of Chapter 4 of Part 14 of the Act of 2014, whether by virtue of that Chapter or any other provision of that Act.

(2) The Minister may at any time remove the Credit Reviewer from office if, in the opinion of the Minister—

(a) he or she has committed stated misbehaviour,

(b) he or she has become incapable through ill health of effectively performing his or her functions,

(d) he or she has a conflict of interest of such significance that he or she should cease to hold office.

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This document does not substitute the official text published in the Irish Statute Book. We accept no responsibility for any inaccuracies arising from the transcription of the original into this format.