Oireachtas Joint and Select Committees

Tuesday, 27 February 2024

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

General Scheme of the Access to Cash Bill 2024: Discussion

Mr. John Palmer:

Head 16(1)(i) refers to this aspect.

Basically, today, if one of the CIT companies decided to exit the Irish market, it could do so without notice and that, as the Deputy can imagine, would be a major imposition on the economy. First, the Central Bank would put in requirements that they must give certain minimum notice periods if they are planning to make a major change in the business or, indeed, to exit the market. Second, they can be required to provide policies to the Central Bank in accordance with requirements set by the Central Bank that relate to resilience and business continuity arrangements, etc., in other words, planning for that.

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