Michael McGrath (Cork South Central, Fianna Fail)
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85. To ask the Minister for Finance the average wait time for a credit servicing firm to become regulated by the Central Bank; and if he will make a statement on the matter. [8955/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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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.

These include requirements on how these firms deal with their loan owner in order to ensure that borrowers receive the full protections of Irish financial services legislation, including Central Bank codes. 

The Central Bank seeks to process each application for authorisation as expeditiously as possible, while meeting its obligation to operate a rigorous and effective gatekeeper function in order to ensure that only firms that demonstrate compliance with the Authorisation Requirements and Standards are authorised.  However, the Central Bank does not comment on its specific engagements with any regulated or applicant firm.

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. 

A register of those firms who notified the Central Bank that they wished to avail of the transitional provisions provided for in Part V of the Central Bank Act 1997 (the 1997 Act) and those firms that have been authorised to carry on the business of a credit servicing firm is available on the Central Bank website.