Michael Noonan (Limerick City, Fine Gael)
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At the outset, the Deputy should note that in my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation, including insurance. The day to day responsibility for the supervision of financial institutions is a matter for the Central Bank which is statutorily independent in the exercise of its regulatory functions.

I have made enquires with the Bank and they have informed me that according to Chapter 3.11 of the consumer protection code 2012 'where a regulated entity intends to cease operating, merge with another, or to transfer all or part of its regulated activities to another regulated entity it must:

a) notify the Central Bank immediately;

b) provide at least two months' notice to affected consumers to enable them to make alternative arrangements;

c) ensure all outstanding business is properly completed prior to the transfer, merger or cessation of operations or, alternatively in the case of a transfer or merger, inform the consumer of how continuity of service will be provided following the transfer or merger; and

d) in the case of a merger or transfer of regulated activities, inform the consumer that their details are being transferred to the other regulated entity, if that is the case'.