The implementation of CRD VI marks a significant shift in how non-EU undertakings, including non-EU credit institutions, can provide core banking services within the European Union. The changes are intended to create a more harmonised regulatory framework across the EU and increase supervisory oversight of non-EU banking institutions operating within the Single Market.
Under the new regime, third-country undertakings (“TCUs”) can commence or continue to provide core banking services (including deposit-taking, lending activities (including lending to corporate and non-consumer borrowers), and the provision of guarantees and commitments) by establishing a regulated presence within an EU Member State or by seeking to avail of the exemptions to the new regime.
Ireland transposed the Article 21c requirements of CRD VI into national law on 10 July 2026, faithfully aligning with the European framework without introducing additional national requirements or significant deviations. While this approach provides regulatory consistency, it also leaves several areas open to interpretation under Irish law.
As firms assess the impact of these changes, a number of practical and legal questions remain around scope, application and implementation. This document examines the key challenges arising from the new framework and outlines potential approaches for institutions navigating the post-January 2027 regulatory landscape.
