Written answers

Tuesday, 26 February 2019

Department of Finance

Financial Services Regulation

Photo of Niall CollinsNiall Collins (Limerick County, Fianna Fail)
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137. To ask the Minister for Finance if his attention has been drawn to the fact that the bank account of an organisation (details supplied) has been closed; if the case will be reviewed; and if he will make a statement on the matter. [9398/19]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank does not comment on individual cases.

If customers are unhappy with the service received from a firm which is regulated by the Central Bank, they are entitled to make a complaint by writing directly to the firm concerned. Depending on their circumstances, the complaints handling provisions of either the Consumer Protection Code ("the Code") or the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 ("the SME Regulations") will apply.

The Code applies in respect of all consumers which are defined as:

- a person or group of persons, but not an incorporated body with an annual turnover in excess of €3 million in the previous financial year (for the avoidance of doubt a group of persons includes partnerships and other unincorporated bodies such as clubs, charities and trusts, not consisting entirely of bodies corporate); or

- incorporated bodies having an annual turnover of €3 million or less in the previous financial year (provided that such body shall not be a member of a group of companies having a combined turnover greater than the said €3 million);

This includes where appropriate, a potential ‘consumer’.

If the person is not happy with the response received from the regulated entity they may raise the complaint with the Financial Services and Pensions Ombudsman (FSPO).

The SME Regulations apply to lending to micro, small and medium-sized enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding €50 million, and/or an annual balance sheet total not exceeding €43 million.

For micro and small enterprises, the regulated entity must also inform the borrower that they may be in a position to make a complaint to the FSPO, and of the contact details of the FSPO.


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