Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Yes. Under that section, the data would stay on the system for a five-year period, either from the date the loan was taken out or, if the loan is over a longer time, for that period. If it was a four-year loan it would remain for five years; if it were for six, it would last for six. As drafted, however, amendment No. 29 will insert section 8(2)(a), which states that: "In the case of credit information to which section 7(2)(b) applies" - namely, in respect of a guarantor - "until the end of the period of 5 years beginning with the day on which the proposal is withdrawn or the arrangement is terminated".

My point is that it is not infrequent for a parent to give a son or a daughter a hand-out by acting as a guarantor, perhaps for a credit union or a normal loan. Even if we assume the loan is for a four-year period, it will stay on the system for a further five years, meaning the guarantor might feature for nine years.