S.I. No. 551/2010 - Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2010.

1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2010.

2. (1) BMW Financial Services (Ireland) Limited t/a BMW Financial Services, MINI Financial Services and ALPHERA Financial Services 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

.

(2) BMW Financial Services (Ireland) Limited t/a BMW Financial Services, MINI Financial Services and ALPHERA Financial Services 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.

GIVEN under my hand,

22 November 2010.

MATTHEW ELDERFIELD,

Head of Financial Regulation of the Central Bank of Ireland.

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 BMW Financial Services (Ireland) Limited t/a BMW Financial Services, MINI Financial Services and ALPHERA Financial Services.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

26

th November

, 2010.

I, MATTHEW ELDERFIELD, Head of Financial Regulation of the Central Bank of Ireland, in exercise of the powers conferred upon me by the Central Bank of Ireland pursuant to

Section 2

(1) of the

Consumer Credit Act 1995

hereby make the following regulations