3.23 Article 41(9) of CCD2

Member States are required to designate competent authorities empowered to ensure the enforcement of CCD2 and to ensure that those competent authorities are granted investigation and enforcement powers and have adequate resources for the performance of their duties. In Ireland, the competent authority is the Central Bank of Ireland. Member States may also grant product intervention powers to national competent authorities where credit products are detrimental to consumers and need to be withdrawn.

Question 23 - Should the Central Bank of Ireland have product intervention powers to direct that products which are contrary to consumer interests are withdrawn?

[NB - Under Section 8 of the Consumer Credit Act 1995 (as amended) the functions of the Central Bank in relation to consumer credit include requesting providers to desist from engaging in practices that are contrary to obligations imposed on them by a designated provision and to bring civil proceedings in the High Court in the event of noncompliance.]