Pádraig MacLochlainn
Question:196. Deputy Pádraig Mac Lochlainn asked the Minister for Finance if the Central Bank of Ireland has conducted a full audit on all moneylending companies to check on illegal or bad practices. [42883/14]
View answerTuesday, 11 November 2014
Questions (196)
Written answers
I have been advised by the Central Bank that in relation to licensed moneylenders, compliance with supervisory and legislative requirements is monitored on an ongoing basis through a robust annual licensing process, advertising and market intelligence monitoring and themed and institution-specific inspections.
Issues identified are addressed with the relevant firms. Failures to adhere to the supervisory and legislative requirements are dealt with appropriately. This may include proceedings under the Bank's Administrative Sanctions Procedures. The Central Bank has no power or role in the regulation of illegal moneylending and reports any such suspicions to the Garda Síochána.
Question No. 197 answered with Question No. 195.