Written answers
Thursday, 18 April 2019
Department of Finance
Personal Contract Plans
Michael McGrath (Cork South Central, Fianna Fail)
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69. To ask the Minister for Finance the number of personal contract plans, PCP, for motor vehicles in existence in each year since 2016; the outstanding value for each period; the number of PCPs that have failed due to non-payment; the number and value of loans in arrears, in tabular form; and if he will make a statement on the matter. [18330/19]
Paschal Donohoe (Dublin Central, Fine Gael)
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In its "Money and Banking" statistical series, the Central Bank (in Table A.19 - see link) publishes data on the types of car finance provided to households including PCP finance. The table underneath presents the number of PCP contracts outstanding at the end of 2016, 2017, and the end of June-2018, together with the outstanding amounts on these contracts.
At end | Number of PCP contracts | Outstanding PCP amounts - € million |
---|---|---|
2016 | 47,215 | 833 |
2017 | 63,066 | 1,097 |
2018 H1 | 69,668 | 1,243 |
The Central Bank has advised that it does not collect data on PCP contracts in arrears or failure due to non-payment, though it can be noted that certain information on this aspect was set out in Table 2.1 of the Competition and Consumer Protection Commission 2018 Report on the Irish PCP market (see link - www.ccpc.ie/business/wp-content/uploads/sites/3/2018/03/Personal-Contract-Plans-the-Irish-Market.pdf).
The Central Bank has also advised that the data outlined above relates to credit advanced by Irish banks only and that it hopes to publish an updated dataset relating to the full PCP reporting population in the near future.
Michael McGrath (Cork South Central, Fianna Fail)
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70. To ask the Minister for Finance the number of outstanding complaints with the Financial Services and Pensions Ombudsman regarding personal contract plans for the purchase of motor vehicles; the value of the complaints; and if he will make a statement on the matter. [18331/19]
Paschal Donohoe (Dublin Central, Fine Gael)
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Firstly, I must point out that the Financial Services and Pensions Ombudsman (FSPO) is independent in the performance of his statutory functions. I have no role in the day to day workings of the office or in the decisions which he takes.
However, the Financial Services and Pensions Ombudsman has informed me that there are no active complaints on hand at present in relation to personal contract plans for the purchase of motor vehicles.
The Ombudsman also confirmed that in 2018, the FSPO dealt with 5 complaints in relation to Personal Contract Plans. Of these complaints:
1 complaint was closed after registration, referral and follow up.
(This is a complaint which was received but which had not been fully completed by the complainant. Usually this is because the complainant has not notified their financial service provider of the issue, as required by the legislation. In this instance, I understand that the Information Services team contacted the complainant and explained how to complete the complaints process. Following this, they did not hear from the complainant, they re-engaged to check whether they wished to proceed with their complaint, and a response was not received, this complaint was eventually closed)
4 complaints were closed following our Dispute Resolution process.
(These are complaints which are resolved by agreement reached between the parties through mediation where:
1. the complainant receives redress and/or compensation
or
2. the complainant accepts a clarification of the matters at issue.)
The Deputy may be interested to know that one of these PCP cases was described in the Overview of Complaints 2018 recently published by the FSPO and available on his website .
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