Dominic Hannigan (Meath East, Labour)
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To ask the Minister for Finance if this debt restructuring firm (details supplied) is regulated; and if he will make a statement on the matter. [41464/12]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has informed me that the company referred to by the Deputy is not currently regulated by the Bank. The Bank is currently engaging with debt management firms to assess if their business models fall within the scope of the European Communities (Payment Services) Regulations 2009 regarding the provision of payment services or Part V of the Central Bank Act 1997 (as amended) regarding the provision of money transmission services. I have received Government approval to bring forward an amendment, at the Committee Stage of the Central Bank (Supervision and Enforcement) Bill 2011, to provide for a regulatory regime for debt management and debt advice companies.