S.I. No. 414/2004 - Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 2004

1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2004.

2. (1) CIT Group Finance (Ireland) Ltd. is, subject to paragraph (2) of this Regulation, prescribed for the purposes of paragraph (e) of the definition of “credit institution” in

Section 2

(1) of the

Consumer Credit Act 1995

(as amended by

section 35

(1) and Schedule 1, Part 21 of the

Central Bank and Financial Services Authority of Ireland Act, 2003

).

(2) CIT Group Finance (Ireland) Ltd. is not to be regarded as prescribed for the foregoing purposes in any cases where the APR charged by it in respect of any credit granted to a consumer equals or exceeds 23 per cent.

SIGNED on this the 1

st

day of July, 2004

CONSUMER DIRECTOR

IRISH FINANCIAL SERVICES

REGULATORY AUTHORITY

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation)

These Regulations further supplement the definition of “credit institution” in the

Consumer Credit Act, 1995

to include CIT Group Finance (Ireland) Ltd.

I, Mary O’Dea, Consumer Director of the Irish Financial Services Regulatory Authority, in exercise of the powers conferred upon me by the Irish Financial Services Regulatory Authority pursuant to Section 33S of the

Central Bank Act, 1942

(as amended by the

Central Bank and Financial Services Authority of Ireland Act, 2003

) and by

Section 2

(1) of the

Consumer Credit Act 1995

(as amended by

section 35

(1) and Schedule 1, Part 21 of the

Central Bank and Financial Services Authority of Ireland Act, 2003

) hereby make the following regulations