Michael McGrath (Cork South Central, Fianna Fail)
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66. To ask the Minister for Finance the Central Bank’s plans to progress the investigation into the mis-selling of payment protection insurance policies; the number of policies that have been reviewed at this point in time; if he will specify the timeframe the review covers; and if he will make a statement on the matter. [32186/14]

Michael McGrath (Cork South Central, Fianna Fail)
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167. To ask the Minister for Finance the position regarding the Central Bank of Ireland investigations into possible mis-selling of payment protection insurance by regulated entities; the scale of the problem; and when the investigation is due to be completed. [32673/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 66 and 167 together.

Following the conclusion of its investigation, the Central Bank issued its Summary Report of the Payment Protection Insurance Review ( the PPI Review ) in March 2014. The PPI Review included the sales by 11 credit institutions from July 2007 and resulted in a refund figure of €67.4 million (including €4.9 million in interest) to consumer.

353,806 policies were within the scope of the PPI Review. 

Credit institutions included in the PPI Review were required to demonstrate that their PPI sales were in compliance with the Consumer Protection Code. This included requirements to assess and evidence suitability and eligibility and to check that claims were not declined for reasons which the seller should have identified during the sales process. The 11 credit institutions in question no longer sell PPI.

A copy of the report is available on the Central Bank's website.