Pearse Doherty
Question:232. Deputy Pearse Doherty asked the Minister for Finance the reason credit servicing firms do not contribute via the industry funding levy; and if he will make a statement on the matter. [24857/16]
View answerFriday, 16 September 2016
Questions (232)
Written answers
Credit Servicing Firms have only fallen within the supervisory remit of the Central Bank since 8 July 2015 on the commencement date of the Consumer Protection (Regulation of Credit Servicing) Act 2015. Prior to this, credit servicing firms were unregulated and did not hold banking licences and therefore such firms fell outside the scope of the Industry Funding Levy.
At present there are 14 credit servicing firms active in the State, each of which has notified the Central Bank that they wish to avail of the transitional provisions provided for under Section 34F of the Central Bank Act, 1997, to become authorised firms. These firms are deemed authorised to carry on that business until such time that they are either granted or refused authorisation by the Bank.
The Central Bank proposes to levy all Credit Servicing Firms in 2016, whether authorised or deemed authorised.