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1 Hewlett-Packard International Bank Plc Code of Conduct for Code of Conduct for Business Lending to Small and Medium Enterprises to Small Medium Enterprises December 2011
2 Section 1: Overview 1.1 Scope The Code of Conduct for Small Medium Enterprises SMEs issued by the Central Bank dated December 2011 applies to all business lending by regulated entities to small and medium enterprises ( SME s ) based in Ireland. As Hewlett-Packard International Bank plc ( HPIB ) is a regulated entity, regulated by the Central Bank, HPIB has implemented this document ( the Code ) which applies to lending to Irish SMEs. The Code s objectives are: to facilitate access to credit for sustainable and productive business propositions to promote fairness and transparency in the treatment of SMEs by regulated entities. to ensure that when dealing with customers in financial difficulties the aim is to assist customers to meet their obligations, or otherwise deal with the situation in an orderly and appropriate manner. The Code sets out the processes HPIB has adopted in facilitating access to credit for SMEs and when providing the following credit products to SME business customers operating within Ireland: loans leasing hire purchase agreements The Code recognises that for SMEs in financial difficulties each case needs to be assessed on a case by case basis. The Code also recognises that SMEs at risk of going into arrears need to contact HPIB to inform them of their difficulties and engage with HPIB to try and address the situation. This Code is issued in accordance with Section 117 of the Central Bank Act 1989 and is effective from 1 st January This Code replaces the previous Code of Conduct for business lending to SMEs dated March From 1 st January 2012 this Code applies to all existing SME customers who encounter financial difficulties as set out below. 1.2 Definitions For the purposes of the Code, business lending means the provision of credit products to small and medium enterprises operating within Ireland. Small and Medium Enterprises are as defined in the European Commission recommendation 2003/361/EC which categorises SMEs as enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding EUR 50 million, and/or an annual balance sheet total not Page 2 of 8
3 exceeding EUR 43 million. SME s also include smaller enterprises which are persons or groups of people with annual turnover in excess of EUR 3 million or incorporated bodies with annual turnover of EUR 3 million or less. For the purposes of this Code, customer includes representatives and/or agents of the customer. Financial Difficulties : A customer is classified as in financial difficulties where the facility is in arrears for three consecutive months. Complaint means an expression of grievance or dissatisfaction, either verbally or in writing, in connection with: the provision of a product or service by a regulated entity, or the failure of a regulated entity to provide a product or service. Regulated entity means a person who carries on a business of providing one or more regulated activities. Regulated activities are services of a financial or investment nature that are subject to the regulation of the Central Bank. 1.3 General Principles HPIB will ensure that in all its dealings with customers it : Acts honestly, fairly and professionally in the best interests of its customers. Acts with due skill, care and diligence. Does not act recklessly, negligently or mislead a customer deliberately. Has the resources, policies and procedures to comply with the Code. Makes full disclosure of all relevant information in a way that seeks to inform the customer. Seeks to avoid conflicts of interests. Does not exert undue influence or pressure on a customer. Complies with the letter and spirit of the Code. Section 2: Credit Facilities In regard to reviews of all credit facilities and security, HPIB ensures that: 1. The option of an annual review for all Irish SME customers will be included in the customer Welcome Packs (received shortly after the start of lease). 2. This Code will be provided to all Irish SME customers. 2.1 Applications for Credit HPIB considers each application for credit facilities on its own merits. Page 3 of 8
4 All customers will be informed of the timeline from receipt of all relevant documentation to the credit decision, by the Financial Account Manager (FAM). Records of all credit applications are maintained by HPIB. All credit applications are subject to the credit procedures as documented in the HPIB Credit Policy. Where a new application for credit is approved HPIB will provide the customer with confirmation of facilities granted and the applicable terms and conditions including fees, charges and (where applicable) interest rates and conditions that apply in event of default. In addition HPIB will advise the customer of the next steps to facilitate drawdown. 2.2 Security In some circumstances Credit will request collateral from a SME customer as part of the credit requirement to approve a deal. HPIB ensures that unreasonable collateral/personal guarantee requirements are not imposed on customers. Prior to signing a personal guarantee the customer is advised to seek independent legal advice. If the customer does not wish to obtain this advice they must evidence this on the personal guarantee. Notwithstanding this, HPIB will explain clearly the possible implications of providing such collateral and the implications for the guarantor of giving a personal guarantee. Any security held by HPIB will be returned to the customer on the maturity of the lease/loan. 2.3 Declining/Withdrawing Credit Where an application for credit is declined, HPIB must explain clearly to the customer the reason(s) why the application was declined. HPIB makes each decision to withdraw or amend credit facilities on its merits. Where HPIB decides to withdraw or amend credit facilities it will notify the customer, promptly, of the proposed withdrawal or amendment. Where this occurs, HPIB will advise the customer of the reason(s) for the withdrawal or amendment. It is important to note that HPIB will continue to act with all necessary speed to withdraw credit where there is a reasonable suspicion of fraud, money laundering, terrorist connections and/or misrepresentation. Page 4 of 8
5 Section 3: Financial Difficulties GENERAL HPIB has implemented policies and procedures for dealing with customers in financial difficulties. Such policies and procedures: set out the process for dealing with customers in financial difficulties and the implementation of this process. when difficulties first arise HPIB will advise customers in writing the status of their account, the applicability of the Code together with details on the availability of the information booklet which can be obtained on HPIB s website or by post. set out the type of information that may be required from customers and the types of alternative repayment measures that may be offered. set out the area or section within HPIB responsible for dealing with customers in financial difficulty. are aimed at assisting the customer and allow for a flexible approach with each case to be handled on a case by case basis. give the customer reasonable time, having regard to the circumstances of the case, to resolve the financial difficulties. endeavour to agree an approach that will assist the customer in resolving the financial difficulties. Where a customer falls within the definition of financial difficulties but is not treated as a financial difficulties case HPIB will maintain a record of the reasons for this approach. COMMUNICATION HPIB collection policies and procedures: Ensure the level of contact and communications between HPIB and any third party acting on its behalf to a customer in financial difficulty is proportionate and not excessive. Ensure prompt replies are made to requests from customers in financial difficulty to discuss their circumstances. INFORMATION FOR CUSTOMERS IN FINANCIAL DIFFICULTIES HPIB will make available to customers an information booklet in the appropriate format containing procedures and timelines for dealing with cases, details of fees or charges that may apply and how these fees may be mitigated, details of information required when assessing the case, impact of financial difficulties on other facilities held with HPIB and on the customers credit rating. In addition the information booklet will explain the importance of the customer engaging with HPIB and outline the steps the customer could Page 5 of 8
6 consider that may assist in dealing with financial difficulties. The customer s right to appeal and the timeframes involved are also included. HPIB will have a dedicated section on its website for customers in or concerned about financial difficulties which should encourage a customer to engage and co-operate with HPIB in order to address the difficulties and will include the information booklet. ARRANGEMENTS Where a customer in difficulty makes contact to address the difficulties or to discuss alternative payement arrangements, the following procedure is to apply: Confirm with the customer details required to make an assessment of the case. Ensure that the information required is relevant in assessing the case. Complete an assessment of the customer s case when requested information has been received giving consideration to the customer s full circumstances. Respond in writing to the customer with a decision within 15 business days of receiving all the information requested. Where an alternative arrangement is being offered HPIB will provide to the customer details of the proposed arrangement and the timeframe for the customer to avail of it. Where an alternative arrangement is not being offered HPIB will provide the reasons for the decision and will advise the customer of their right to make an appeal. HPIB will also advise customer of their right to appeal where an alternative arrangement is offered but not accepted by the customer. When an alternative arrangement comes to an end or when terms of an alternative arrangement are not being adhered to HPIB will promptly address the customer s situation. In both situations if the customer continues to show a willingness to meet its obligations HPIB will decide if a revised alternative arrangement is appropriate. Where the terms have been met and the arrangement comes to an end HPIB will consider if the customer should continue to be treated as a financial difficulties case. APPEALS HPIB s appeal s procedure for the proper handling of appeals on decisions reached regarding alternative repayment arrangements has been implemented. This procedure provides that HPIB will consider and adjudicate on an appeal and provide the customer with a written response within 15 business days of receiving the appeal. Where applicable HPIB will inform the customer of their right to refer the matter to the Credit Review Office and provide contact details of that office. Page 6 of 8
7 The customer will be allowed a reasonable period of time to submit an appeal on an alternative repayment arrangement decision. CUSTOMERS NOT IN FINANCIAL DIFFICULTIES Where a customer notifies HPIB that there is a danger that they will not be able to make repayments or that they will fall into financial difficulties HPIB will offer the customer an immediate review meeting and will also assess if the customer s circumstances are such that Arrangements and Appeals procedures may be applied to their case. REALISATION OF SECURITY After the realisation of security on a facility HPIB will immediately inform the customer of their liability for the balance of residual debt, interest rate applicable on the residual debt, any costs for the realisation of the security which have been added to the debt. Section 4: Provision of Information HPIB will ensure all information provided under the Code is clear and comprehensible: HPIB provides information to the customer outlining terms and conditions, fees and charges and any changes to these must be made known to the customer in advance. HPIB have structures in place to advise a customer where applicable that the debt may be sold or passed to another organisation or debt collecting agency and where applicable for loans, will explain the basis on which interest is calculated. All relevant information will be provided on paper or in such form that a record is created which is accessible. Section 5: Handling Complaints HPIB has in place a written procedure for the proper handling of complaints with the objective of resolving the complaint as soon as possible in the event that the complaint has not been resolved to the complainant s satisfaction within 5 business days. The HPIB Complaints Policy contains the following principles: HPIB will acknowledge each complaint within 5 business days of the complaint being received; HPIB will provide the complainant with the name of one or more individuals appointed to be the complainant s point of contact in relation Page 7 of 8
8 to the complaint until the complaint is resolved or cannot be processed further; HPIB will provide the complainant with a regular update on the progress of the investigation of the complaint; HPIB will attempt to investigate and resolve a complaint within 40 business days of having received the complaint; where the 40 business days have elapsed and the complaint has not been resolved, HPIB will inform the complainant of the anticipated timeframe within which the regulated entity hopes to resolve the complaint; HPIB will advise the complainant, within 5 business days of the completion of the investigation of a complaint, of the outcome of the investigation and, where applicable, explain the terms of any offer or settlement being made; in dealing with complaints HPIB will retain records relating to declined applications for up to 12 months. Section 6 : Retention and Production of Documents HPIB will maintain adequate records in accordance with the requirements of the Code. Page 8 of 8
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