John Perry (Sligo-Leitrim, Fine Gael)
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Question 548: To ask the Minister for Finance if he has examined if an institution (details supplied) may be benefitting from the misfortune of individuals; if he has further examined the possibility of modifying the operation of the Irish Credit Bureau in order that people who have minor defaults on previous loans can still obtain funding from conventional banks; and if he will make a statement on the matter. [1780/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I presume the Deputy's question refers to the lending policies and practices of the institution concerned. The lending policies and practices operated by any financial institution within the current legal and regulatory framework are the responsibility of the institution itself, in respect of which the Minister for Finance does not exercise any statutory function.

As the Deputy may be aware, consumer credit including hire purchase and consumer hire, together with moneylending and home loans, are governed by the Consumer Credit Act 1995, which sets out important consumer protection measures, including the form and content of the credit agreements in respect of those types of loans. Complaints in relation to the matters governed by the Consumer Credit Act may be dealt with by the Financial Services Ombudsman.

The Irish Credit Bureau (ICB) is an independent, commercial organisation and as such I, as Minister for Finance, have no role in determining its operations or the scope of its activities. However, my Department understands that the ICB does not decide who credit is offered to, but rather helps lenders to make this decision through the provision of information regarding the loan history. Were such information not available, it is likely that the cost of credit would rise for many customers in order to allow for the higher uncertainty as to the credit risk involved.