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Part II EU Jurisdictions, 16 Ireland

Alexandros Seretakis

From: Unfair Terms in Banking and Financial Contracts

Edited By: Danny Busch, Matthias Lehmann

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 27 February 2024

Subject(s):
Banker-customer contract — Capital markets — Financial regulation — Monetary system — International Monetary Fund (IMF)

This chapter covers the implementation of the Unfair Terms Directive (UTD) in Ireland. It notes that Ireland was one of Europe’s poorest countries characterized by protectionism, high rates of unemployment, and emigration, noting that the Irish economy was intertwined with the much larger UK economy. The absence of industrialization, emigration, and poverty resulted in the slow development of Irish consumer society and consumer protection. Unfair terms control in Ireland relates mostly to mortgage contracts. The chapter explains that Irish legislators have decided to significantly strengthen the protection of consumers against unfair terms after realizing the poor application of the Unfair Terms in Consumer Contracts Regulations.

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