Stephen Donnelly (Wicklow, Independent)
Link to this: Individually | In context | Oireachtas source

186. To ask the Minister for Finance further to Parliamentary Question No. 64 of 2 July 2014, where he stated the Central Bank of Ireland has a wider role in relation to the approval of certain charges by credit institutions and bureaux de change under section 149 of the Consumer Credit Act 1995 as amended including the margins charged for foreign exchange services on top of the benchmark foreign exchange rates; if he will outline the oversight that these charges and margins takes place at the Central Bank; if the Central Bank examines samples of transactions to ensure compliance, and if, since March 2011, any credit institutions or bureaux de change have been found to have contravened the approved charges and margins; if sanctions have been applied to those credit institutions and bureaux de change; and if he will make a statement on the matter. [31068/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Section 149 of the Consumer Credit Act 1995 (as amended) requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central Bank if they wish to introduce any new customer charges or increase any existing customer charges in respect of certain services. Section 149 does not cover interest rates; it applies to fees and commissions only.

My Department published a report on the review of the regulation of bank fees and charges in December 2013. This contains a detailed description of the process by which the Central Bank makes decisions on whether or not to approve proposed charges. It is available on my Department's website at .

I understand that the most recent mystery shop of foreign exchange was conducted at end-2008 and details are available on the Central Bank website.

The Central Bank regularly publishes feedback to the industry on topics that it investigates as part of monitoring of compliance with consumer protection requirements, in order to promote compliance within the industry. Where contraventions are identified and settlement agreements reached with regulated firms, details are published on the Central Bank s website at . However, I am informed by the Central Bank that it does not otherwise comment on any individual case or on-going enforcement action.

Stephen Donnelly (Wicklow, Independent)
Link to this: Individually | In context | Oireachtas source

187. To ask the Minister for Finance further to Parliamentary Question No. 64 of 2 July 2014, his plans to investigate whether Irish consumers and businesses are being overcharged for foreign exchange services, in view of the two major investigations ongoing in the United States; and if such investigations lie outside his remit; his views that the remit should be changed. [31069/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have no plans to carry out an investigation to ascertain if consumers and business are being overcharged for foreign exchange services.

All regulated financial institutions must comply with all the Codes of Conduct issued by the Central Bank, including the Consumer Protection Code.  Consequently, any firm to which such codes apply must, as a matter of law, comply with the rules contained in the codes.  Failure to comply may result in the imposition of an administrative sanction by the Central Bank.

The Central Bank monitors compliance with consumer protection requirements through its:

- on-going engagement with firms;

- reviews and research;

- themed inspections;

- mystery shopping; and

- advertising monitoring.

I understand that the most recent mystery shop of foreign exchange was conducted at end-2008 and details are available on the Central Bank website. The Central Bank published its planned series of themed reviews and inspections for 2014 on 25 February 2014. It has no plans to conduct a review of foreign exchange this year, but if the Deputy has any specific concerns about overcharging by any entity regulated by the Central Bank, he should bring these to the attention of the Central Bank.