Addendum to the Code of Conduct on Mortgage Arrears (2013) - 2013 September 2024 - Amendments

Oct 3, 2026

Addendum to the Code of Conduct on Mortgage Arrears (2013) applies the CCMA to credit servicing activities relating to mortgage loans of a credit servicer acting within the State under Directive (EU) 2021/2167/EU, as implemented by the European Union (Credit Servicers and Credit Purchasers) Regulations 2023. It amends CCMA Chapters 1 and 2 by updating scope wording, revising definitions for regulated entities, and adding a definition for credit servicing activities. The Addendum takes effect on 17 September 2024.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

AccessFree to download

Introduction

Purpose and scope of the Addendum

Legal basis and amendments

Chapter 1 - Scope

Chapter 2 - Definitions

Addendum to the Code of Conduct on Mortgage Arrears (2013) Code of Conduct on Mortgage Arrears (2013) Contentsofthe Addendum to the Code of Conduct on Mortgage Arrears (CCMA): • Addendum for Amendments to the Code of Conduct on Mortgage Arrears 2013 arising from the introduction of the European Union (Credit Servicers and Credit Purchasers) Regulations 2023. Code of Conduct on Mortgage Arrears (2013) Addendum for Credit Servicers Introduction Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU lays down, inter alia, a common authorisation and supervisory framework and requirements for credit servicers of a creditor’s rights under a non-performing credit agreement, or of the non-performing credit agreement itself, issued by a credit institution, who act on behalf of a credit purchaser (as defined). The European Union (Credit Servicers and Credit Purchasers) Regulations 2023, which give effect to Directive 2021/2167/EU, came into operation on 30 December 2023. The purpose of this Addendum is to apply the Code of Conduct on Mortgage Arrears 2013 (“CCMA”) to the credit servicing activities in respect of mortgage loans of a credit servicer, within the meaning of Directive 2021/2167/EU, operating in the State. For that purpose, the following parts of the CCMA are now amended: • Chapter 1-Scope • Chapter 2 – Definitions This Addendum is effective from 17 September 2024. Legal Basis Pursuant to Section 117 of the Central Bank Act 1989, the CCMA is hereby amended as set out below. Chapter 1-Scope Under the “Application of this Code” section of Chapter 1 (Scope), the part of the first paragraph which reads as follows: “This Code applies to the mortgage lending activities and credit servicing activities in respect of mortgage loans 1 of all regulated entities, except credit unions, operating in the State, including:” is deleted and replaced with the following text: “This Code applies to the mortgage lending activities, credit servicing, and credit servicing activities in respect of mortgage loans2 of all regulated entities, except credit unions, operating in the State, including:” The third paragraph in the “Application of this Code” section is deleted and replaced with the following text: “For the purposes of this Code, regulated entity applies only to a regulated financial service provider that is engaged in mortgage lending, credit servicing, or credit servicing activities.” Chapter 2-Definitions The following definition is added to Chapter 2 of the CCMA: Credit servicing activities: has the meaning assigned to it under Article 3 of Directive 2021/2167/EU. The definition of “regulated entity” in Chapter 2 is deleted and replaced with the following: Regulated entity: for the purposes of this Code means a financial service provider authorised, registered or licensed by the Central Bank or other EU Member State that is providing mortgage lending activities, credit servicing, or credit servicing activities. 1 Where the mortgage loan is secured on the borrower’s primary residence only. 2 Where the mortgage loan is secured on the borrower’s primary residence only. T: +353 (0)1 224 5800 E: publications@centralbank.ie [www.centralbank.ie](www.centralbank.ie)

FAQs

What does the Addendum do to the Code of Conduct on Mortgage Arrears (2013)?

It applies the CCMA to credit servicing activities for mortgage loans where the credit servicer operates in the State under the EU directive framework, by amending Chapters 1 and 2.

Which parts of the CCMA are amended?

Chapter 1 (Scope) and Chapter 2 (Definitions) are amended, including replacement of specific wording and the introduction of a new definition.

When does the Addendum become effective?

The Addendum is effective from 17 September 2024.

Oct 3, 2026

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