Dáil Éireann Debate, Tuesday - 11 November 2014
193. Deputy Pádraig Mac Lochlainn asked the Minister for Finance his views that it is justifiable that a lending company that is licensed by the Central Bank of Ireland is allowed to send marketing letters to current customers whose accounts are in arrears of more than €200. [42880/14]
View answerI assume from the context of the question that the Deputy is referring to a licensed moneylender. I have been advised by the Central Bank that the Consumer Protection Code for Licensed Moneylenders sets out specific requirements in respect of advertising by moneylenders. While the Code does not restrict the advertising of new credit facilities to existing customers in arrears, moneylenders are prevented from offering unsolicited pre-approved credit facilities. In addition, Regulation 11 of S.I. No. 281/2010 - European Communities (Consumer Credit Agreements) Regulations 2010 obliges creditors, before concluding a credit agreement, to assess the credit worthiness of the consumer on the basis of sufficient information, where appropriate obtained from the consumer and, where necessary, on the basis of a consultation of the relevant database.
I would advise the Deputy to report any possible breaches of the Code or the 2010 Regulations to the Central Bank.
