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Personal Contract Plans

Dáil Éireann Debate, Tuesday - 20 March 2018

Tuesday, 20 March 2018

Ceisteanna (77)

Pearse Doherty

Ceist:

77. Deputy Pearse Doherty asked the Minister for Finance the actions he and the Central Bank will take in response to the report by the Competition and Consumer Protection Commission on the car finance market; and if he will make a statement on the matter. [12129/18]

Amharc ar fhreagra

Freagraí scríofa

As the Deputy will be aware in 2017 the Competition and Consumer Protection Commission (CCPC) undertook the first comprehensive study of the Personal Contract Plans (PCP) market in the State. As part of its study the CCPC issued detailed questionnaires to all the financial institutions that underwrite PCP finance in the State. This allowed the CCPC to compile, for the first time, primary data relating to the number and value of PCP finance contracts issued. The report was published on Tuesday 6 March 2018 and is available at www.ccpc.ie.

The Central Bank has informed me that they have received a copy of the report from the CCPC. 

My officials will examine the CCPC report and give careful consideration to what actions, if any, would be appropriate and will consult with relevant stakeholders.

On the issue more generally, the Central Bank regulates financial services institutions as set out under legislation but does not regulate individual financial products. Under current legislation the CCPC has responsibility for authorising and supervising the credit intermediaries which typically sell PCP contracts to consumers, including garages and retailers.

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