Dáil Éireann Debate, Tuesday - 15 April 2014
198. Deputy Pearse Doherty asked the Minister for Finance the legal impediment or other obstacle that exists to prevent the Central Bank of Ireland releasing the number of mis-sold payment protection insurance policies for each bank. [17804/14]
View answerThe Central Bank has informed me that, in accordance with section 33AK of the Central Bank Act 1942, the Central Bank is prohibited from disclosing confidential information concerning the business of a credit institution otherwise than in accordance with the Supervisory Directives (which include the Directive 2013/36/EU).
On the issue more generally, the Central Bank issued a report on 7 March 2014 on the review into the sales of Payment Protection Insurance (PPI) by eleven credit institutions.
Inspections by the Central Bank in 2011 raised concerns that credit institutions had not complied with the Consumer Protection Code (the Code) during the PPI sales process and therefore the eleven credit institutions were instructed to review their sales of PPI for compliance with the Code. The review focused on the sale of PPI from 1 July 2007, the date when the Code came into full effect.
€67.4 million (including interest of €4.9 million) is being refunded to approximately 77,000 policyholders who were sold PPI since 1 July 2007. This represents 22% of the 354,000 PPI sales included in this review. Refunds are paid in cases where credit institutions did not comply with the Code when selling PPI or could not demonstrate compliance with the Code.
The summary report, along with a Q&A document are available on the Central Bank website at the links below:
http://www.centralbank.ie/press-area/press-releases/Pages/CentralBankreportsonthePaymentProtectionInsurancereview.aspx
