Dáil Éireann Debate, Wednesday - 21 September 2011
29 Deputy Dominic Hannigan asked the Minister for Finance when the Central Bank review of all firms in the State which appear to offer customers debt advice and-or debt management type services will be finished; and if he will make a statement on the matter. [25305/11]
View answer30 Deputy Dominic Hannigan asked the Minister for Finance when he intends to introduce regulations for all firms in the State which appear to offer customers debt advice and-or debt management type services; and if he will make a statement on the matter. [25306/11]
View answerI propose to take Questions Nos. 29 and 30 together.
Following the collapse of Home Payments (HPL) last month the Central Bank commenced an investigation into the matter. This investigation is on-going and I expect to receive the report from the Central Bank in the near future.
The Central Bank has also informed me that it is undertaking a review of all firms in the State which appear to offer customers debt advice and/or debt management type services.
The Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a household budgeting and bill payment service,a debt management service and/or a debt advice service. The findings of the investigations by the Central Bank into HPL and into the other firms will inform what regulatory/supervisory system should be put in place for firms providing these services — whether provided separately or bundled together — or, alternatively, what amendments to the current regulatory/supervisory framework may be required.
