The Central Bank has published a new guidance note providing information to assist credit institutions when making a notification under section 149 of the Consumer Credit Act 1995 by providing information on the process employed by the Central Bank of Ireland when assessing these notifications.

This document builds on best practice seen by the Central Bank in the notifications received from credit institutions to date and provides credit institutions with information on the scope of section 149, together with the timelines and the process employed by the Central Bank when considering section 149 notifications. This document also seeks to inform credit institutions about the type of information the Central Bank requires from credit institutions in order to consider notifications made under section 149.