Michael McGrath (Cork South Central, Fianna Fail)
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70. To ask the Minister for Finance the number of complaints made to the Financial Services Ombudsman in each of the past four each years regarding payday loans; the number of same which were successful; the number of payday lenders that exist here; the value of payday loans in existence; the restrictions in place on the charges on payday loans; and if he will make a statement on the matter. [29402/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy is aware, anyone wishing to engage in the business of moneylending requires a licence from the Central Bank in accordance with the Consumer Credit Act 1995 and this licence must be renewed every year.

Although a number of firms have approached the Central Bank in relation to offering payday loans in the Irish market, the Central Bank has a robust licencing process in place and no such business model has been licensed by the Central Bank.  The Central Bank assesses every request for authorisation as a moneylender in accordance with the relevant legislation and best practice.

Payday lenders will not be able to passport their services into Ireland without seeking authorisation from the Central Bank. The Central Bank will continue to monitor the licensed moneylender sector closely and to take action where necessary to protect borrowers’ interests.

Accordingly I have been advised by the Financial Services Ombudsman Bureau (FSOB) that the information requested by the Deputy is not captured by product category.  However, in January 2017 the FSOB expanded the categories of conduct complained of in its Case Management System and they regularly review and monitor for any new issues which should be added.