Pearse Doherty (Donegal, Sinn Fein)
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49. To ask the Minister for Finance the number of credit servicing firms that have completed the authorisation process in view of the passing of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015; the number that were refused; the number still pending authorisation but operating under the transitionary measures; and if he will make a statement on the matter. [10463/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank has authorised 9 credit servicing firms since the enactment of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, with a further 2 firms still availing of the relevant transitional provisions provided for by virtue of the legislation.  Details of these firms are available on the Register of Authorised Credit Servicing Firms on the Central Bank website.

There were 10 other firms who originally notified the Central Bank that they wished to avail of the relevant transitional arrangements.  Further to the Bank's engagements with these firms, they subsequently withdrew their applications for authorisation.

Following the enactment of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the 2015 Act), the Central Bank focused on developing a robust regime for this new category of regulated firm.  As part of this regime, the Central Bank developed detailed Authorisation Requirements and Standards for credit servicing firms which set appropriately high requirements on applicant firms.  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.