Parliamentary Question addressed to the Minister for Finance

To ask the Minister for Finance if following media coverage (details supplied) of the activities of debt management companies, legislation to control same or bring such companies under Central Bank regulation is being considered,; and if he will make a statement on the matter?

Reply

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