Financial Services Regulation

Dáil Éireann Debate, Tuesday - 27 February 2018

Tuesday, 27 February 2018

Questions (187)

Michael McGrath

Question:

187. Deputy Michael McGrath asked the Minister for Finance the regulatory differences between a licensed credit institution and other financial institutions, for example, credit servicing firms, debt management firms and retail credit firms; the differences in regulatory powers granted to the Central Bank between licensed credit institutions and other financial institutions, for example, credit servicing firms, debt management firms and retail credit firms; and if he will make a statement on the matter. [9994/18]

Written answers

Minister for Finance

I wish to advise the Deputy that a suite of European legislation underpins the regulation and supervision of licensed credit institutions (licensed under section 9 of the Central Bank Act 1971).

In relation to credit servicing firms, debt management firms and retail credit firms these are all domestic regulatory regimes (without an EU law underpinning).

In all of the above instances the harmonised powers of the Central Bank contained in the Central Bank (Supervision and Enforcement) Act 2013 will be available to the Central Bank depending on the circumstances.

The Central bank codes apply in all cases.