Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

108. To ask the Minister for Finance if the Central Bank has issued any guidance to financial institutions in terms of assessing loan applications on the issue of considering evidence of gambling transactions on the bank statements of persons who have applied to the institution for a loan; and if he will make a statement on the matter. [23865/16]

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

I have been informed by the Central Bank that it has not issued any guidance to financial institutions on the consideration of evidence of gambling transactions as part of the loan application process.

The decision to grant or refuse credit is a commercial decision on the part of a regulated entity that must be conducted in accordance with applicable requirements of Irish financial services legislation. These include requirements to conduct a proper creditworthiness assessment.

As I previously said in relation to a similar question last year (reference 26258 of 30 June), prior to offering a product or service, a regulated entity must gather and record sufficient information from the consumer appropriate to the nature and complexity of the product or service and must carry out an assessment of affordability to ascertain the personal consumer's likely ability to repay the debt over the duration of the agreement, in accordance with the requirements of the Consumer Protection Code 2012.