Michael McCarthy (Cork South West, Labour)
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Question 74: To ask the Minister for Finance the number of registered moneylenders here; the number of licences granted to moneylenders in 2008, 2009 and 2010 separately; his role in terms of auditing and overseeing such companies; the criterion necessary to establish as a moneylending organisation here; and if he will make a statement on the matter. [12413/11]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has informed me that the number of licensed moneylenders as at 31 December in each year is as follows: 2008 53 2009 52 2010 46 Moneylenders are required to apply to the Central Bank annually to have their licenses renewed. The number of licensed moneylenders on the public register, at any given time, is reflective of new applicants having been licensed and others having ceased trading.

I have no role in the auditing and overseeing of licensed money lenders. The Central Bank monitors licensed moneylenders' compliance with legislative and supervisory requirements by way of monitoring advertisements, themed inspections, general inspections and mystery shopping. The Deputy might wish to note that the Central Bank published the results of a themed inspection of licensed moneylenders on 18 February 2011, which showed a high level of compliance among firms.

The Central Bank has advised me that, prior to submitting an application for a moneylender's licence, an applicant must publish a notice of his/her intention to so apply in any national newspaper published in the State or in a local newspaper which is circulated in the District Court area where the applicant intends to engage in the business of moneylending.

The appropriate moneylending application form (new or renewal) must be completed and returned to the Central Bank with a number of items, for review and consideration. Section 93 of the Consumer Credit Act, 1995 (as amended) sets out the Central Bank's powers in relation to the grant or refusal of a moneylender's licence.