S.I. No. 687/2006 - Consumer Credit Act, 1995 (Section 2) (No. 1) Regulations, 2006

1. These Regulations may be cited as the

Consumer Credit Act 1995

(Section 2) (No. 1) Regulations 2006.

2. (1) Springboard Mortgages Limited 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) Springboard Mortgages Limited is not to be regarded as prescribed for the forgoing 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 21th day of December 2006

MARY O'DEA

CONSUMER DIRECTOR

of the

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 Springboard Mortgages Limited.

STATUTORY INSTRUMENT

S.I. No. 687 of 2006

REGULATION

entitled

CONSUMER CREDIT ACT, 1995 (SECTION 2) (No. 1) REGULATIONS, 2006.

S.I. No. 687 of 2006

Consumer Credit Act, 1995 (Section 2) (No. 1) Regulations 2006

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