Terence Flanagan (Dublin North East, Fine Gael)
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Question 190: To ask the Minister for Finance the outcome of investigations into a company (details supplied) which went into liquidation; and if he will make a statement on the matter. [29008/12]

Michael Noonan (Limerick City, Fine Gael)
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I, as Minister for Finance have no statutory role in relation to the investigation by the Central Bank into the company mentioned by the Deputy. However, I have been informed by the Central Bank that while the company concerned was not authorised or licensed by the Bank, and therefore its clients were not eligible to a compensation scheme/deposit protection scheme, the Central Bank has worked with the National Consumer Agency, regulatory and industry bodies to provide assistance to customers affected.

The Central Bank advises that it has undertaken a review of firms in the State who appeared to offer consumers debt advice and/or debt management type services. As a result of the review, some firms are engaging with the Central Bank and putting in place client safeguards while they seek authorisation and a number of other firms have opted to wind down their business. The Central Bank has also informed me that, while it cannot comment on an individual case, it can confirm that it continues to engage with a number of such firms and, in some instances, further action may arise from these investigations.