Public statement relating to Settlement Agreement between the Central Bank of Ireland and Oxendale & Co. Limited

• Date: 18 September 2013

1

Settlement Agreement between the Central Bank of Ireland

and Oxendale & Co. Limited

The Central Bank of Ireland (the “Central Bank”) has entered into a Settlement Agreement

with effect from 11 September 2013 with Oxendale & Co. Limited(the “Firm”), a licensed

moneylender, in relation to a breach of the Consumer Protection Code for Licensed

Moneylenders (the “Moneylenders’Code”).

Reprimand and fine

The Central Bank reprimanded the Firm and required it to pay a monetary penalty of

€8,000.

Breach

This case concerns a breach of Common Rule 31, Chapter 2 of the Moneylenders’ Code

which provides that licensed moneylenders must not offer unsolicited pre-approved credit

facilities to consumers.

Background to breach

The issue was discovered through information provided to the Central Bank’s Consumer

Protection Directorate. During the month of June 2012 the Firm sent an e-mail to six

hundred and fifty customers offering to increase their credit limits.Thirty nine customers

took up the offer.

Once this issue was brought to the attention of the Firm, it immediately ceased sending any

communications of this nature to its customers.