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Proposed Legislation

Dáil Éireann Debate, Tuesday - 10 July 2012

Tuesday, 10 July 2012

Questions (191)

Michael Healy-Rae

Question:

202 Deputy Michael Healy-Rae asked the Minister for Jobs, Enterprise and Innovation with regard to the consumer and competition Bill if it will be expanded to include the banking sector and to enable laws to be passed to ensure that the consumer is protected in the event of unforeseen difficulties arising as is the case at present with many of our banks failing to fulfil their obligations to have money put into people’s accounts, such as when children’s allowance payments were not put into parents accounts despite the banks having received the payments from the Department; and if he will make a statement on the matter. [33439/12]

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Written answers

The matter referred to by the Deputy is essentially concerned with the operation of the payments system and the current difficulties being experienced by consumers and businesses alike.

Regulatory responsibility in relation to the national payments system lies with the Central Bank. The Deputy will be aware that the Central Bank is actively engaged with the financial institution concerned and with other institutions in the payments/clearing system to ensure that the current difficulties are resolved as a matter of urgency and also to ascertain what precisely happened in this instance. Once its investigations are concluded, I understand that the Bank will bring any deficiencies in the operation and the legal framework supporting the national payments system to the attention of my colleague, the Minister for Finance who has primary policy responsibility for legislative initiatives in this area.

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