Wednesday, 9 May 2012

Ceisteanna (43)

Patrick Nulty


43 Deputy Patrick Nulty asked the Minister for Finance when the Central Bank of Ireland will complete and publish its review of payment protection insurance schemes provided by financial institutions covered by the State bank guarantee; the reason for this delay; and if he will make a statement on the matter. [23099/12]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Minister for Finance)

In 2011, the Central Bank carried out an initial review of the suitability of sales of payment protection insurance to customers who took out loans to determine if the sales were in compliance with the requirements of the Consumer Protection Code. The Director for Consumer Protection in the Central Bank indicated that, arising from this initial review there were concerns in relation to providers of payment protection insurance. The Bank committed to examining these concerns in more detail and announced a "2012 Programme of Themed Reviews and Inspections" for consumer protection to be undertaken by the Bank. Copy of the Press Release is available on the Central Bank's website.

I have been informed by the Central Bank that they will provide an update on the progress of the payment protection insurance review at mid-year.