The Central Bank has published a 10 Step Guide which explains the protections contained in the new SME Regulations for SME borrowers and guarantors. The Regulations, which came into force for regulated lenders from 1 July 2016 (the Regulations will not apply to credit unions until 2017), provide greater transparency for borrowers in applying for credit and receiving the reasons for their credit applications being declined. The protections also include rules concerning borrowers in arrears and allows for the setting up of an internal appeals panel for borrowers.