Dáil Éireann Debate, Wednesday - 3 May 2017
137. Deputy Catherine Connolly asked the Minister for Finance the number of prosecutions which have arisen from the offences set out in section 12 of the Consumer Credit Act 1995 (details supplied); the names of the parties prosecuted; the outcome of these prosecutions; and if he will make a statement on the matter. [20888/17]
View answerAs the Deputy may be aware, the Central Bank has the power to prosecute summary offences under the Consumer Credit Act 1995 ("the CCA"). I understand from the Central Bank that, to date, it has not prosecuted any summary offences subject to the powers available to it in the CCA.
The Central Bank also has a statutory reporting obligation to An Garda Síochána, and other agencies, where it suspects a criminal offence may have been committed. The Central Bank also has a range of powers at its disposal under the CCA including, but not limited to, powers to carry out investigations, to publish codes of practice and to bring Civil Proceedings in the High Court.
I also understand that the Central Bank takes its obligations under the CCA very seriously and I expect it to ensure that that financial service providers comply with their obligations under the CCA and other relevant legislation on an on-going basis. Since 2006, 108 Settlement Agreements have been reached for regulatory breaches, including breaches of the Consumer Protection Code, the Criminal Justice (Money Laundering and Terrorist Financing) Act, the Code of Practice on Lending to Related Parties, the Minimum Competency Code, and the Credit Union Act among others, with fines totalling approximately €57 million. The notices for all Settlement Agreements are published on the Central Bank’s website: https://www.centralbank.ie/news-media/legal-notices/settlement-agreements.
If the Deputy has any particular concerns, I would urge her to make contact with the Central Bank.
