Niamh Smyth
Question:289. Deputy Niamh Smyth asked the Minister for Finance his plans to tackle the problem of illegal moneylenders; and if he will make a statement on the matter. [34017/18]
View answerTuesday, 24 July 2018
Questions (289)
Written answers
The Central Bank regulates the licensed moneylender sector. It is, of course, a criminal offence for an unauthorised firm/person to provide financial services in Ireland that would require an authorisation under the relevant legislation which the Central Bank is the responsible body for enforcing. The Central Bank has no power or regulatory role in in respect of illegal moneylending. The activities of anyone undertaking moneylending without the appropriate authorisation falls under the jurisdiction of An Garda Síochána, who are the most appropriate State body to investigate criminal matters.
Where the Central Bank becomes aware of the suspected provision of unauthorised moneylending services to the public, it refers the matter to An Garda Síochána for criminal investigation. Since 2004, the Central Bank has received 11 complaints in relation to unauthorised money lending activity, all of which were referred to an Garda Síochána.