John McGuinness (Carlow-Kilkenny, Fianna Fail)
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182. To ask the Minister for Finance if a bank (details supplied) held a banking licence prior to 2008; and if so, the date on which a licence was granted to the bank by the Central Bank. [27576/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, the main activity of IIB Homeloans Ltd. was the assessment, underwriting and management of residential mortgage backed credit facilities to retail customers.

- This entity was regulated as a multi-agency intermediary under the Investment Intermediaries Act, 1995, from 1 July 2001 until 7 June 2005.

- It was regulated as a retail credit firm from 1 June 2008 until 24 October 2008, when it changed its name to KBC Mortgage Bank and was authorised as credit institution, i.e. a licensed bank, under Section 9 of the Central Bank Act 1971.

- In February 2009, KBC Mortgage Bank transferred its business to KBC Bank Ireland plc.

For the time period between the 7 June 2005 (when the Investment Intermediaries Act authorisation status was revoked - (revocations can occur for a number of reasons including voluntarily revocations due to firms no longer carrying out that specific regulated activity or transferring the activity to another entity) - and 1 June 2008 (when authorisation as retail credit firm came into effect), IIB Homeloans did not require an authorisation from the Central Bank of Ireland. Such entities were known as “non-deposit taking lenders” at that time. While they did not require an authorisation, they were subject to the provisions of the Consumer Credit Act 1995, which includes provisions relating to the form and content of agreements, matters arising during the currency of agreements, matters arising on termination of agreements or on default.