Guide for EBS Commercial Borrowers in Financial Difficulties
EBS is committed to offering support to Commercial Borrowers who are finding it difficult to meet their financial obligations.
Don't ignore the problem
If you receive a letter or telephone call from EBS Commercial regarding arrears on your account, please do not ignore it. EBS is committed to helping customers who find themselves in financial difficulty and will try and arrange an alternative repayment arrangement that eases your financial commitments.
The Central Bank of Ireland has introduced three Codes of Conduct to ensure a fair and consistent approach to Borrowers who find themselves in financial difficulties. Below we give you an insight into these Codes of Conduct which cover different types of loan facilities.
Lending to Small and Medium Enterprise Regulations 2015
Is your business facing Financial Difficulty?
The revised 'Code of Conduct for Business Lending to Small & Medium Enterprises' came into effect on 1st July 2016.
A copy of the regulations are available here
EBS understands that many of our Small and Medium Enterprise (SME) Borrowers are either facing or already experiencing a period of financial difficulty. If this is the case you should contact your Relationship Manager in EBS Commercial on (01) 665 8026. Your Relationship Manager will then arrange an appointment to meet with you, if required, and carry out a full assessment of your overall financial position.
All borrowers are invited to contact EBS Commercial to arrange an annual review meeting.
It is important that you engage with us to address your financial difficulties.
The Booklet attached sets out clear guidelines for both borrowers and for EBS in relation to dealing with SME Borrowers who are currently experiencing financial difficulty, or feel they may have difficulty making their loan repayments in the future. These guidelines apply to Small and Medium Enterprises as defined in the Regulation.
Note: EBS no longer offers new business credit facilities.
Consumer Protection Code (CPC) 2012
In order to ensure a consistent level of protection for consumers, the Consumer Protection Code was introduced in 2006. The Consumer Protection Code has since been updated and this revised Consumer Protection Code is effective from 1st January 2012.
A copy of this Code is available here
What can you do if you are experiencing Financial Difficulties?
- Take a close look at your financial situation.
- Get some independent advice from MABS (Money Advice and Budgeting Service). To contact MABS, phone their lo-call number 1890 283 438 or visit their website on www.mabs.ie.
The Booklet attached sets out clear guielines for both borrowers and for EBS in relation to dealing with Consumers who are currently experiencing financial difficulty, or feel they may have difficulty making their loan repayments in the future. These guidelines apply to Personal Consumers as definded in the code.
Please note, in the event of arrears management progressing, and where legal proceedings commence, a customer will incur legal costs, up to approximately €4,500 per property.
Where customers are deemed 'not cooperating', additional fees and charged may apply. The leaflet below contains a breakdown of these.
Code of Conduct on Mortgage Arrears (CCMA)
The revised Code of Conduct on Mortgage Arrears (CCMA) became effective on the 1st of July 2013. The code applies to the mortgage loan which is secured by the 'primary residence' - i.e. the property that you occupy as your home or the only residential property that you own even if you do not live in it, both of which must be in the state.
A key component under the CCMA is for all lenders to treat customers under a Mortgage Arrears Resolution Process (MARP). For details of the EBS MARP click here.