Dáil Éireann Debate, Wednesday - 27 May 2015
71. Deputy Thomas P. Broughan asked the Minister for Jobs, Enterprise and Innovation if he is satisfied with the current regulation of gift cards and with the charges of one particular brand of gift card (details supplied); the value of unclaimed funds on these gift cards in 2013, 2014 and to date in 2015; if these unclaimed funds could be utilised for positive social purposes; and if he will make a statement on the matter. [20981/15]
View answerI am not satisfied with the current regulation of gift cards. My Department’s Scheme of a proposed Consumer Rights Bill which I launched on Monday includes a number of proposals aimed at strengthening the rights of consumers who purchase gift cards. The Scheme provides that contracts for the supply of a gift card or voucher must not include a term that makes the card or voucher subject to an expiry date. Traders would also be required to inform consumers of any charges applying to a gift card, or any restrictions on the use of the card, before the consumer was bound by the contract. The charges applying to a gift card would also be assessable for fairness under the provisions of the Scheme on unfair contract terms. I am prepared to consider additional protections for consumers in this area if the consultation on the Scheme of the Bill shows a need for them.
The particular gift card referred to in the Deputy’s question comes within the scope of the European Communities (Electronic Money) Regulations 2011 (S.I. No. 183/2011) enacted by the Minister for Finance and enforced by the Central Bank. These Regulations deal with the taking up, pursuit, and prudential supervision of electronic money institutions and the issuance and redeemability of electronic money. Questions relating to the funds of gift card schemes within the scope of the Regulations are a matter accordingly for the Minister for Finance.
