Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I thank Deputy Fleming and appreciate the intention of this amendment. Although I agree with the Deputy's objective, I cannot accept the amendment as the provision is already made in the legislation. The Central Bank Act 1997, as amended, already specifies at section 29 that a person shall not carry on a regulated business unless the person is the holder of an authorisation. This Bill will add the activity of credit servicing to the list of regulated businesses by the change in the definition of regulated businesses provided for in section 1(b). It provides that people would have to hold authorisation before they can undertake credit servicing. The proposed amendment is therefore not needed.