Written answers

Wednesday, 19 January 2022

Photo of Denis NaughtenDenis Naughten (Roscommon-Galway, Independent)
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366. To ask the Minister for Finance if he will engage with his UK counterpart requesting that the UK authorities investigate the practice by a bank (details supplied) to offload questionable property investments on customers of a bank here; and if he will make a statement on the matter. [2482/22]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank of Ireland is the statutory body with responsibility for the supervision of regulated financial service providers in an Irish context and I consider any potential supervisory issues as matters proper to the Central Bank.

Likewise in the United Kingdom, the statutory bodies with responsibility for the supervision of regulated financial service providers such as the Financial Conduct Authority, are the appropriate entities to deal with any supervisory issues in that jurisdiction.

In both jurisdictions, these bodies are best placed to deal with any negative practices impacting consumers rather than engagements between relevant government departments from both countries.   

I would add that the role of the Central Bank includes, as the regulator of financial service providers such as banks in Ireland, ensuring that the best interests of consumers are protected. This is achieved by ensuring a positive consumer focused culture within regulated firms, that the consumer protection framework remains effective by reviewing, developing and enhancing the protections in place, and monitoring and enforcing compliance with the required standards through themed reviews and inspections. 

In the event regulated firms are not meeting their obligations to consumers, the significant legislative changes introduced since the financial crisis have equipped the Central Bank with an array of investigative, regulatory and enforcement powers, including imposition of fines, to take appropriate actions against such firms. 

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