Pearse Doherty (Donegal South West, Sinn Fein)
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150. To ask the Minister for Finance further to Parliamentary Questions No. 53 of 25 March 2015 and No. 283 of 31 March 2015, if he will explain the apparent contradiction in his replies regarding the question of whether credit card companies have to notify the Central Bank of Ireland of a decision to raise their interest rates; and if he will make a statement on the matter. [14348/15]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has advised me that there is no statutory obligation on credit card companies to notify the Bank of a decision to raise their interest rates but the Central Bank is usually informed as a matter of courtesy. Both of the replies to which the Deputy refers make it clear that the Central Bank does not regulate these interest rates.

The Consumer Protection Code 2012, however, requires all regulated entities to inform personal consumers on paper or on another durable medium of any change in the interest rate on a loan and the notification must normally be provided at least 30 days in advance of any change in the interest rate.