Document background
The Demand Notice From Bank is a critical document in Irish banking practice, serving as a formal request for payment and often as a prerequisite to legal proceedings. It is typically used when a borrower has defaulted on loan payments or breached other significant terms of a loan agreement. The notice must comply with strict regulatory requirements under Irish law, including the Consumer Protection Code and Central Bank regulations. It contains detailed information about the outstanding debt, payment terms, and consequences of non-payment. This document is particularly important as it often represents the final formal communication before legal action and must therefore be precisely drafted to ensure enforceability while maintaining compliance with consumer protection requirements. The notice must include specific statutory disclosures, especially when dealing with consumer loans or residential mortgages, and may need to reference the Mortgage Arrears Resolution Process (MARP) where applicable.
