Sharon Keogan demands minister explain delay on EU credit rules
Sharon Keogan raised a matter in the House about Ireland's failure to transpose the updated Consumer Credit Directive and called for the responsible minister to explain the delay. She said the European Commission has issued a formal notice and warned consumers are being left exposed as protections for online credit, loans and buy now, pay later schemes remain unimplemented.
European Commission formal notice
The European Commission has issued Ireland with a formal notice for not transposing the updated Consumer Credit Directive, according to Keogan. The directive is described in the speech as legislation designed to protect individuals from unfair lending practices, hidden charges and the risks posed by new digital money lending and credit products.
What the directive covers
Keogan said the directive expands protections for ordinary consumers taking out loans, using online credit or engaging with buy now, pay later schemes. With a clear deadline of November 2025, Ireland has not yet advanced the necessary legislation.
Government response and request for explanation
Keogan noted she is often critical of EU directives but said this directive would benefit consumers. She said a public consultation has been held but argued that consultation alone does not protect consumers and asked that the responsible minister appear before the House to set out a plan for full and timely implementation and to clarify when protections will be enshrined in law.
Risks of delay
She warned that consumers are left exposed at a time when household finances are stretched and debt vulnerability is rising, and cautioned there are financial risks if delays continue and infringement proceedings escalate further.
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I wish to raise a matter of growing concern relating to the consumer protection and Ireland's obligation to EU law. In recent weeks, the European Commission has issued Ireland with a formal notice for failing to transpose the updated Consumer Credit Directive, the legislation designed to protect individuals from unfair lending practices, hidden charges and the risks posed by new digital money lending and credit products. Now, most of you know me, know that I am far from uncritical of EU directives and how the government often unquestionably sign up to and applies to them. Yet here we have a directive that actually looks to do some good for the consumers and the government has done nothing. It expands protections for ordinary consumers taking out loans, using online credit or engaging with so-called buy now, pay later schemes. At a time when household finances are stretched and debt vulnerability is rising, these safeguards are essential. Yet despite the clear deadline of November 2025, Ireland has not yet advanced the necessary legislation. We have held a public consultation, but public consultation alone does not protect consumers. The Commission's intervention sends a very clear signal. Ireland is falling behind and consumers are left exposed in the meantime. This also carries financial risks if delays continue and infringement proceedings escalate further. Colleagues, I am asking that the responsible Minister appear before this House to explain the reasons for the delay, to set out the Government's plan for full and timely implementation and to clarify what and when the Irish consumers can expect these protections to be enshrined in law. We cannot afford to drift along on something as fundamental as fair dealing in the credit market game. Thank you. . . . . .
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