Minister Donohoe welcomes the publication of new moneylending regulations by the Central Bank of Ireland

The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, has welcomed the publication of new moneylending regulations by the Central Bank of Ireland.

In March 2018, the Central Bank of Ireland published a Consultation Paper proposing a number of additional consumer protection measures for the moneylending sector. Following the completion of this consultation process and a comprehensive analysis of the issues raised, the Central Bank has now published new moneylending regulations.

The new regulations include requirements relating to enhanced information on the high cost nature of the credit; the advertising of loans; training, lending policies and procedures; and the identification of vulnerable consumers.

Welcoming the publication of the new moneylending regulations, Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, said:

"The Government and Central Bank are committed to enhancing consumer protections where necessary. I welcome the new measures introduced by the Central Bank to strengthen the framework of protections for customers of moneylenders. In particular, I welcome the introduction of requirements regarding the identification of vulnerable consumers and the provision of arrangements to facilitate them in dealing with moneylenders.”

ENDS