Joe McHugh (Donegal North East, Fine Gael)
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187. To ask the Minister for Finance if he will outline his views of mis-selling of payment protection insurance and linked products by all lenders (details supplied); if he will consider moving the statute of limitations that applies in this respect; and if he will make a statement on the matter. [24077/13]

Michael Noonan (Limerick City, Fine Gael)
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I have been advised by the Central Bank that it is conducting an on-going investigation into the sale of Payment Protection Insurance (PPI) by firms from July 2007. Ten firms are currently undertaking reviews of their Payment Protection Insurance (PPI) sales. At the request of the Bank, the firms previously informed all their customers included in the PPI sales review of their intention to provide updates to them as the review progresses. The firms have commenced writing to their customers who purchased PPI in July 2007 to inform them of the outcome of the review as it relates to their situation. Approximately 13,000 customers will receive letters shortly. The Central Bank is advising customers who receive a letter and have any questions, to contact their bank or credit institution directly.

Throughout 2013, firms will continue to conduct the review and will directly contact all other PPI customers included in the review with the outcome of the on-going review. The Central Bank will continue to require firms to take an orderly, co-ordinated and consistent approach to the review and will monitor progress on an on-going basis with the firms involved, and with the independent third party overseers who were appointed at the request of the Central Bank.

The Central Bank issued an update of its on-going investigation into the sales of Payment Protection Insurance which is available on the Central Bank's website: www.Centralbank.ie. I, as Minister for Finance, do not have the primary role in relation to amending the law on the “Statue of Limitations”. This is a matter which has broader legal application and as such would fall for consideration by my colleague the Minister for Justice and Equality.