Dominic Hannigan (Meath East, Labour)
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To ask the Minister for Finance further to Parliamentary Question No. 118 of 2 October 2012, if this company may continue to trade if they are not regulated; and if he will make a statement on the matter. [43127/12]

Michael Noonan (Limerick City, Fine Gael)
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As I mentioned in reply to Parliamentary Question No 118 of 2 October 2012, I have been advised by the Central Bank 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.

The Central Bank has also advised me that all alleged instances of unauthorised activity that come to the attention of the Bank are investigated in full. However, due to the confidentiality obligations set out in section 33AK of the Central Bank Act, 1942, as amended, the Bank is not in a position to disclose the details of any investigation it undertakes.