The Code of Conduct of Business Lending to Small and Medium Enterprises has been updated and is now effective from 1st January 2012. National Irish Bank welcomes the new provisions of the Code and is committed to ensuring its business lending is compliant with the Code. To help you to understand the Code as it applies to our business lending we have produced an information booklet - The Code of Conduct for Business Lending to Small and Medium Enterprises Information Booklet.
We encourage you to read this brochure carefully. The Code of Conduct of Business Lending to Small and Medium Enterprises applies to applies to certain business products as outlined in the above information booklet.
The code has 3 main objectives to which National Irish Bank subscribes:
- to facilitate access to credit for sustainable and productive business propositions
- to promote fairness and transparency in the treatment of SMEs
- to ensure that when dealing with financial difficulties cases the aim is to assist borrowers to meet their obligations, or otherwise deal with the situation in an orderly and appropriate manner.
While the revised Code builds upon the previous Business Code of Conduct, it does contain some new provisions for dealing with SMEs in, or facing, financial difficulties.
If you are already in financial difficulty or anticipate that you may not be able to meet future commitments the most important step is to contact us and talk to us as early as possible to enable us to assess your circumstances. We will be flexible and handle SME's experiencing financial difficulties on a case by case basis. We will work with you and endeavour to agree an approach that will assist you to address your financial difficulties. Please read the above information booklet carefully.
If you require further information on the Code, please contact your local National Irish Bank branch or your advisor. Alternatively, a copy of the Code can be downloaded from www.financialregulator.ie.