Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

As the Deputy is aware, the Central Bank is an independent organisation and it would not be appropriate for me to give it instructions on whether or not to conduct any investigation or to re-open a closed investigation.

In March 2014, the Central Bank, concerned about the sale of PPI, published a report on a review of the sale of PPI in Ireland. The focus of the review was where there was a possible detriment to consumers from unsuitable sales resulting in premiums being refunded. The review covered 11 firms and covered all PPI sales from 1 July 2007. I understand from the Central Bank that refunds of over €71 million have been refunded to approximately 83,500 customers since 1 July 2007, by these 11 credit institutions.

With regard to the court ruling referred to in the Deputy’s question, I understand that the Deputy has been in contact with the bank about this issue. The Central Bank is aware of this non-disclosure issue from previous supervisory engagements. However, the Central Bank is prohibited from commenting on any firm specifically and from disclosing confidential information concerning the business of a credit institution otherwise than in accordance with the supervisory directives, which include the Directive 2013/36/EU. Additionally, under section 33AK(3)(a)(i) of the Central Bank Act 1942, the Central Bank is obliged to report to An Garda Síochána any information that leads the Central Bank to suspect that a summary offence may have been committed by a supervised entity.

The role of the Minister for Finance is to ensure that there is an appropriate legal framework in place to ensure that consumers are properly protected and that financial institutions are regulated in an appropriate manner. Officials will study the ruling and consult with the Central Bank with a view to ensuring that consumers have the appropriate level of protection under the legislative framework.

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