Oireachtas Joint and Select Committees

Thursday, 4 October 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Sector: Quarterly Engagement with the Central Bank

9:30 am

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Obviously all of us want to ensure that does not happen. On what we can control or manage in that scenario, going back to insurance, for example, if the Central Bank has sight of companies located in Britain that are using freedom of service rules and can sell products into Ireland and the bank has a feeling it will not meet the end of March deadline or there is a risk that the service could be disrupted, is there an onus on the Central Bank in its consumer protection role to notify individuals about that? It is not a liquidation process but, for example, a person taking out a product in February thinks it might be one of the 99 companies that will be okay but it could be among the 1% that does not have the necessary contingency plan in place at that time. I understand the difficulty for the Central Bank in that regard but how do we deal with such a scenario?

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