News and Insights

Print this page

Search News & Insights

Business Lending to SME’s

AUTHOR(S): Tim Scanlon, Patrick Molloy
PRACTICE AREA GROUP: Financial Institutions
DATE: 01.12.2011

The Central Bank has published a revised statutory Code of Conduct for Business Lending to Small and Medium Enterprises (SME Code) setting out new requirements for lenders when dealing with SMEs in or facing financial difficulties. Publication of this code follows publication of a revised Consumer Protection Code last month.

The new SME code sets out procedures for lenders when dealing with SMEs in financial difficulties. The code sets out the type of information that may be required from an SME together with information on ways to mitigate fees or charges that might apply to an SME as a result of financial difficulties. A lender must complete its SME alternative repayment assessment and inform the SME of its decision within 15 business days of receiving all information required from the SME. A lender must put procedures in place to allow an SME to appeal their decision on an alternative repayment arrangement.

The revised SME code will come into effect from 1 January 2012.



About cookies on our website

Following a revised EU directive on website cookies, each company based, or doing business, in the EU is required to notify users about the cookies used on their website.

Our site uses cookies to improve your experience of certain areas of the site and to allow the use of specific functionality like social media page sharing. You may delete and block all cookies from this site, but as a result parts of the site may not work as intended.

To find out more about what cookies are, which cookies we use on this website and how to delete and block cookies, please see our Which cookies we use page.

Click on the button below to accept the use of cookies on this website (this will prevent the dialogue box from appearing on future visits)