Public Consultation on the implementation of the Consumer Credit Directive 2

In June 2021, the European Commission published a proposal to replace the 2008 Consumer Credit Directive (2008/48/EU) to address developments in consumer credit markets such as digitalisation and the emergence of new providers and products.

In October 2023, following agreement at Council and with the European Parliament, a new Directive, Directive (EU) 2023/2225 also known as the Consumer Credit Directive 2 (CCD2), was published in the Official Journal of the EU.

The majority of the provisions in CCD2 will be transposed on a fully harmonised basis across the EU. However, there are some 23 national discretions in CCD2 where each Member State has discretion on the application of the provision in question. The Department of Finance is conducting a four-week public consultation on the application of these discretions by Ireland.

The submissions received in response to this consultation will inform the Departments consideration on the transposition of CCD2 in to Irish law.

Consultation Period

The consultation period will run until 16 October 2024. Submissions received after this deadline may not be considered.

How to Respond

The details of CCD2 and the national discretions are outlined on the Department of Finance consultation portal. Submissions can be made through the portal https://consult.finance.gov.ie/en