Running Account Credit Agreement Template for Ireland

The Running Account Credit Agreement is a fundamental document used in the Irish financial services sector when establishing ongoing credit facilities for consumers. It is particularly relevant for credit card accounts, store cards, and other forms of revolving credit where the customer can repeatedly borrow up to a predetermined limit. The agreement must comply with the Irish Consumer Credit Act 1995, European Communities (Consumer Credit Agreements) Regulations 2010, and the Central Bank Consumer Protection Code 2012. This document includes essential terms such as credit limits, interest calculations, repayment obligations, default provisions, and mandatory consumer protection clauses. It's designed to protect both the credit provider's interests and consumer rights while ensuring full regulatory compliance in the Irish jurisdiction.

1. Parties: Identification of the credit provider and the customer, including full legal names, addresses, and registration details where applicable

2. Background: Context of the agreement, including the nature of the running account credit facility being offered

3. Definitions: Definitions of key terms used throughout the agreement, including 'Credit Limit', 'Interest Rate', 'Payment Due Date', etc.

4. Credit Facility: Details of the credit facility, including credit limit, purpose, and conditions of use

5. Interest and Charges: Comprehensive breakdown of interest rates, method of calculation, and all applicable fees and charges

6. Payments: Payment terms, minimum payment requirements, payment methods, and allocation of payments

7. Credit Account Operation: Rules for operating the account, including drawing credit, statements, and account review procedures

8. Customer Obligations: Customer responsibilities, including information provision and notification requirements

9. Lender Rights and Obligations: Credit provider's rights and responsibilities, including account monitoring and variation rights

10. Default and Enforcement: Events of default, consequences, and enforcement procedures

11. Term and Termination: Duration of the agreement, renewal terms, and termination provisions

12. Data Protection: Handling of personal data, consent provisions, and privacy obligations under GDPR

13. General Provisions: Standard contractual provisions including notices, amendments, governing law, and jurisdiction