Proposed Legislation

Dáil Éireann Debate, Wednesday - 18 April 2012

Wednesday, 18 April 2012

Ceisteanna (175)

Eric J. Byrne

Ceist:

160 Deputy Eric Byrne asked the Minister for Finance in view of the fact that he is aware of the numbers of companies that are going into liquidation which are otherwise unregulated in the bill payment or debt management services, his plans or proposals to bring in the necessary legislation to prevent very often vulnerable elderly persons (details supplied) and persons of meagre incomes being victims of these companies; and if he will make a statement on the matter. [18332/12]

Freagraí scríofa

Minister for Finance (Deputy Michael Noonan)

The Government is committed to having in place an effective regulatory/supervisory system for those firms which provide a household budgeting, a debt management and/or a debt advice service. I have asked my officials to bring forward proposals for an appropriate amendment at the Committee Stage of the Central Bank (Supervision and Enforcement) Bill 2011 to provide for this regime.

In relation to the details supplied in the Deputy's question, I have been informed by the Central Bank that a provisional liquidator has been appointed to the company concerned. It will be a matter for the liquidator to establish the amounts owed to customers and to distribute any available monies accordingly.