I have been informed by the Central Bank that the company to which the Deputy refers is not regulated by it.
The Central Bank Act 1997 contains a number of exclusions from the requirement to be authorised by the Central Bank and firms that meet the relevant criteria can avail of such exclusions. Separately, this Act also contains a number of exemptions from the requirement to be authorised by the Central Bank. To date the Central Bank has granted an exemption to 14 entities but the company to which the Deputy refers is not one of the entities granted such an exemption.
The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 will require entities dealing with the consumer to be authorised by the Central Bank and subject to its Codes of Conduct. Dealing with the consumer is credit servicing and the definition of credit servicing is broad. Owners of loan books who deal directly with consumers, that is, who are servicing their own loan books, will be regulated. Otherwise they can have the loan book serviced by a regulated credit servicing firm.
The Bill was published in January and second stage of the Bill was taken in the Dáil on 4 February. Since then, my officials have been in contact with the Central Bank and with the Office of the Attorney General to further progress the legislation. The Bill will continue its progress through the legislative process and I look forward to further discussion of the Bill at Committee Stage.