Dominic Hannigan (Meath East, Labour)
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162. To ask the Minister for Finance the terms of reference for the review of Section 149 of the Consumer Credit Act 1995; and if he will make a statement on the matter. [39225/13]

Dominic Hannigan (Meath East, Labour)
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163. To ask the Minister for Finance when he expects the review of Section 149 of the Consumer Credit Act 1995 to be completed; and if he will make a statement on the matter. [39226/13]

Dominic Hannigan (Meath East, Labour)
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164. To ask the Minister for Finance the parties and or organisations who have to date been and will be consulted regarding the review of Section 149 of the Consumer Credit Act 1995; and if he will make a statement on the matter. [39227/13]

Dominic Hannigan (Meath East, Labour)
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166. To ask the Minister for Finance his views on whether it is appropriate to reform or abolish Section 149 of the Consumer Credit Act 1995 now in view of the recommendations in 2006 by the Irish Banking Federation that abolition of section 149 was in line with the then Government policy of light touch regulation; and if he will make a statement on the matter. [39229/13]

Dominic Hannigan (Meath East, Labour)
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167. To ask the Minister for Finance his views on whether it would be appropriate to abolish Section 149 of the Consumer Credit Act 1995 in view of the lack of competition in the retail banking sector; and if he will make a statement on the matter. [39230/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 162 to 164, inclusive, 166 and 167 together.

The Programme Documents (the Memorandum of Understanding on Specific Economic Policy Conditionality and the Memorandum of Economic and Financial Policies) agreed following the 10th Review of the EU-IMF Programme of Financial Support include a commitment to carry out an assessment of banks' fee income by end-December 2013 as follows;

The authorities will assess banks' fee income relative to peers in selected other jurisdictions. Based on this assessment they will complete an external review of the regulation of bank fees.

I am aware that in 2006 the Irish Banking Federation recommended the abolition of Section 149 of the Consumer Credit Act 1995 in its submission to the Business Regulation Forum. The Irish Banking Federation has also submitted a response to the consultation process of this current review of the regulation of bank fees, as have also the following: the Irish Small and Medium Enterprises Association (ISME), the Central Bank, The Competition Authority, the National Consumer Agency, AIB and Bank of Ireland. My Department will also consider submissions from any other parties that wish to make submissions on the topic.

The Deputy will be aware that the Central Bank (Supervision and Enforcement) Act 2013 amends Section 149 of the Consumer Credit Act 1995 to allow for an exemption of the provision to new market entrants for a period of 3 years. The purpose of this exemption is to remove barriers to entry for new market entrants and to increase competition.

On completion of the current review I will determine the appropriate steps to take in relation to Section 149 of the Consumer Credit Act 1995.