Author: 
Irish League of Credit Unions

3.17 Article 29(4) of CCD2

Yes. While not directly applicable to credit unions as all credit union loans can be repaid at any time without any extra costs or fees, there is a need to provide a right for compensate where a fixed term contract has been ended. There are costs involved in providing a fixed term loan and any changes here could impact the attractiveness and pricing of fixed term rates.