Tommy Broughan (Dublin North East, Independent)
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345. To ask the Minister for Finance his views on the current regulation of gift cards, and with the charges of one particular brand of gift card from a company (details supplied); the value of unclaimed funds on these gift cards in 2013, 2014 and to date in 2015; if these unclaimed funds could be utilised for positive social purposes; and if he will make a statement on the matter. [22415/15]

Michael Noonan (Limerick City, Fine Gael)
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The Electronic Money Directive 2009/110/EC was transposed into Irish law via the European Communities (Electronic Money) Regulations 2011 (S.I. No. 183 of 2011). These regulations deal with the taking up, pursuit and prudential supervision of electronic money institutions and the issuance and redeemability of electronic money. The Central Bank of Ireland are designated as the competent authority in order to ensure effective supervision and the implementation of the E-money Regulations in Ireland and I have no direct role in the matter.

Gift cards which meet the definition of electronic money are subject to regulation under the E-Money Regulations 2011. While I am satisfied with the current E-Money Regulations, I welcome moves by the Minister for Jobs, Enterprise and Innovation under the proposed Consumer Rights Bill aimed at strengthening the rights of consumers who purchase gift cards. I note that in accordance with the E-Money Regulations the consumer is to be informed, in advance of entering into a contract, of the conditions for redeeming the e-money, including any fees. Furthermore these fees must be proportionate and commensurate with costs actually incurred by the e-money issuer.