Written answers

Tuesday, 27 June 2017

Department of Finance

Central Bank of Ireland Supervision

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
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165. To ask the Minister for Finance the progress to date in 2017 in the determination of the appropriateness of holding public consultation in respect of crowdfunding peer-to-peer finance in conjunction with the Central Bank of Ireland; and if he will make a statement on the matter. [30060/17]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, the 2017 IFS 2020 Action Plan commits my Department to conduct a public consultation on the potential regulation of crowdfunding in Ireland, having regard to emerging international best practice and in the context of the EU Commission Action Plan on Building a Capital Markets Union.

IFS 2020 is the Government’s five-year strategy for driving the growth and development of the International Financial Services sector in Ireland, aiming to create 10,000 new jobs. The Commission notes that crowdfunding is part of the broader FinTech universe and has potentially transformative implication for the financial system.

My Department recently launched a six-week public consultation process on the regulation of crowdfunding that closed on 2 June 2017. Officials in my Department consulted with officials in the Central Bank of Ireland in the preparation of this public consultation; however, the consultation was not carried out jointly with the Central Bank of Ireland.

The submissions received to the public consultations will now be considered by my Department and they will inform our policy position on whether or not a regulatory regime for crowdfunding would be appropriate and if a bespoke regime should be implemented in Ireland. The submissions will be published on the Department website in due course.

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