The Central Bank has informed me that the company referred to by the Deputy is not and never has been, authorised by the Central Bank. All instances of alleged unauthorised activity that come to the attention of the Central Bank are investigated in full and action is taken where necessary and appropriate. However, due to confidentiality provisions as set out in Section 33AK of the Central Bank Act, 1942, as amended, the Central Bank cannot disclose details, to a third party, of any individual investigation it may undertake.
The Consumer Credit Act, 1995, as amended, does not contain a provision for the authorisation or supervision by the Central Bank of a "mortgage lender". Certain firms which take deposits and which act as a "mortgage lender" require an authorisation from the Central Bank as a "retail credit firm" (non-deposit taking lender that provides credit in the form of cash loans to individuals in the State) pursuant to the provisions contained in Part V of the Central Bank Act, 1997, as amended. However, the regime for the authorisation and supervision of a "retail credit firm" only came into effect in Irish law on 1 February 2008. Prior to this date, firms which operated as a non-deposit taking lender did not require any authorisation.
There are a number of exclusions contained in the definition of a "retail credit firm" which certain firms may be in a position to avail of and, as such, certain firms are excluded from the requirement to become authorised as a "retail credit firm" by the Central Bank. The Central Bank has also informed me that the Bank has a number of roles and responsibilities with respect to the operation and enforcement of Part IX (Housing Loans made by Mortgage Lenders) of the Credit Consumer Act 1995. For example, the Central Bank authorises "mortgage intermediaries" for the purposes of that Act. In addition, the Bank is responsible for enforcing various provisions contained in that Part. The Consumer Credit Act 1995 is a "designated enactment" with the result that those "regulated financial service providers" for the purposes of the Central Bank Act 1942 with respect to Part IX of that Act may be subject to the Bank's administrative sanctions regime.
