Pearse Doherty (Donegal, Sinn Fein)
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76. To ask the Minister for Finance the reason no credit retail firms have yet been authorised by the Central Bank; and if he will make a statement on the matter. [10014/17]

Michael Noonan (Limerick City, Fine Gael)
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I understand that the Deputy intended referring to credit servicing firms.

There are 14 firms on the Register of Credit Servicing Firms which is available on the Central Bank's website at . These firms are currently availing of the transitional arrangements in place under Section 34F of the Central Bank Act 1997 (as amended).  The full suite of financial services legislation, including the various statutory Codes issued by the Central Bank, and Central Bank oversight thereof, apply to each of these transitional firms and they must comply with these requirements.

Following the enactment of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, the Central Bank developed detailed Authorisation Requirements and Standards for credit servicing firms which set appropriately high requirements on applicant firms underpinned with a rigorous application process.

I understand that the Central Bank is currently putting applicant firms through this application process, to ensure that only firms that demonstrate compliance with these Standards are authorised by the Central Bank.  However, the Central Bank does not comment on the individual applications of specific firms, in this case, the firms listed on the register as transitional credit servicing firms.