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Written Answers - Financial Services Regulation

Tuesday, 27 March 2012

Dáil Éireann Debate
Vol. 760 No. 3

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 150.  Deputy Thomas P. Broughan Information on Thomas P. Broughan Zoom on Thomas P. Broughan  asked the Minister for Finance in relation to a financial business (details supplied) Information on Michael Noonan Zoom on Michael Noonan  if he and the regulator will hold the company board and leadership to account in relation to the loss of clients’ funds and if he will ask the Office of the Director of Corporate Enforcement to invigilate all aspects of the operation of this company; and if he will make a statement on the matter. [16758/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan Following the collapse of Home Payments (HPL) the Central Bank commenced an investigation into the matter. Home Payments Limited (“HPL”) was not authorised or licensed by the Central Bank of Ireland (“Central Bank”) and as such, customers of HPL are not eligible for recourse to statutory compensation. Joint liquidators have been appointed to HPL (KPMG and Leahy and Co.) and in relation to the specific issues regarding the accountability of the board and management of HPL, it is the responsibility [756]of the liquidators in place to report to the relevant authorities (e.g. ODCE, Gardaí, Revenue etc.), any issues that come to light regarding the actions of the board and management of HPL that may have led to the collapse of the firm. The Central Bank has also informed me that it is undertaking a review of all firms in the State which appear to offer customers debt advice and/or debt management type services.

The Government is committed to introducing an effective regulatory/supervisory system for those firms which provide a household budgeting, and debt management and/or debt advice services.

My officials are working with the Central Bank to provide for this regime and I will seek Government approval to include the provision as an amendment to the Central Bank (Supervision and Enforcement) Bill, 2011 in the near future.

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