Written answers

Tuesday, 29 November 2011

Department of Finance

Financial Services Regulation

9:00 pm

Photo of Robert DowdsRobert Dowds (Dublin Mid West, Labour)
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Question 125: To ask the Minister for Finance his plans to regulate firms engaged in personal finance which are not banks or building societies (details supplied); and if he will make a statement on the matter. [37462/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I have been advised by the Central Bank that their examination into the affairs of the company to which the Deputy refers has been completed. The Central Bank is of the view that the company was carrying out activities for which authorisation would have been required from the Central Bank. It would appear to the Central Bank that the company was carrying on a 'banking business' in the absence of a banking licence issued under the Central Bank Act 1971, as amended, and providing payment services in the absence of an appropriate authorisation under the European Communities (Payment Services) Regulations 2009 (SI No 383/2009). The Central Bank is independent in the carrying out of its functions and any further action with regard to the company is a matter for the Bank. I have no indication that any issues arising in this case arose from any gaps in the legislative framework, but my officials and the Central Bank are, nonetheless, examining the current legislation to see if any part needs to be strengthened. On completion of that examination, I will consider further with a view to bringing proposals to Government to provide for any necessary amendment to the current law or for the introduction of new legislation, where necessary.

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