Seán Fleming (Laois, Fianna Fail)
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175. To ask the Minister for Finance if his attention has been drawn to the fact that certain banks are no longer giving card protection to persons once they reach 65 years of age; his views on whether such practice is fair and discriminatory on age grounds (details supplied); and if he will make a statement on the matter. [5638/17]

Michael Noonan (Limerick City, Fine Gael)
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I believe the Deputy is referring to credit card payment protection insurance.  In that context, I have been advised by the Central Bank that Payment Protection Insurance (PPI) is an insurance policy that covers the monthly debt repayment, for a limited period, on a lending product in the event that the borrower loses income.  PPI policies vary depending on the seller, the insured and the related borrowing. 

I understand from the Central Bank that PPI on credit card products generally provide for payment of a specified number of debt repayments or minimum monthly credit card payments in the event of loss of income due to specific causes.  PPI policies generally limit cover to those policyholders over 18 and under 65. Such a term would be provided for under the terms and conditions of the policy.  In the event where cover is not provided past 65, the Central Bank has confirmed that it would consider it in the consumer's best interest that the firm take appropriate action to notify the policyholder that they no longer meet the eligibility criteria specified under the policy.

There is no financial services legislation which obliges regulated entities to offer products to consumers over or under a certain age.  Equality legislation, including potential discrimination on age grounds, is a matter for my colleague, the Tánaiste and Minister for Justice and Equality.