Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

I move amendment No. 26:

In page 9, subsection (1)(b), line 41, after "nature" to insert "and extent".

The Bill, at section 7(1)(b), provides for the collection of "the nature of any guarantee or indemnity, or any security, given or to be given", which, we understand, enables the bank to collect the type of guarantee, indemnity or security offered and details of whether it is, for example, a personal guarantee or another type of security. In terms of tangible items of security, collecting the value of the item without the source of the valuation or the date on which the valuation was carried out diminishes its usefulness. The date of the valuation will help determine whether the value is up to date and the source of the valuation will help determine whether the value attributable is reliable information. While this type of credit information may not be used by other lenders, who may not fully rely on any valuation not commissioned by them, the bank would greatly benefit from access to this type of security detail in reviewing the overall composition and value of the assets of regulated financial services and in reviewing the quality of lending being conducted by them.

Amendment No. 28 is required in order to help improve the effectiveness of the register as a source of information for the Central Bank. This amendment will permit the bank to collect important additional credit data.