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

I move amendment No. 34:

In page 13, subsection (7), line 30, to delete “and to the impact on credit information providers” and substitute the following:“, the implications for the effective and efficient operation of the Register and the effect on credit information providers and credit information subjects”.

Amendments Nos. 34, 35 and 38 ensure that the ability to amend reporting thresholds can be based on a more complete range of criteria to make sure reporting thresholds are always set at an appropriate level for the achievement of the register's overall goals. The principles and policies permitting the thresholds to be amended include changes in the consumer price index, effective and efficient operation of the register, and the impact on credit information providers and credit information subjects. The outcome of this is that it allows greater flexibility for the register to change as it develops.

I am not accepting Deputy Pearse Doherty's amendment No. 37. I am aware of his comments on this matter on Second Stage. During the consultation process on the Bill, stakeholders advocated higher and lower thresholds on the reporting requirements under the Bill. The threshold level chosen is based largely on the detail of the interagency group report and the consultative process. The imposition of such a low threshold as set out in his amendment may place a significant burden in terms of cost and resources on smaller credit information providers in particular. If one lowers the threshold, it could have an impact on credit unions and small sums of money which may not be in the interest of the consumer. In addition, amendments Nos. 34, 35 and 38 will allow greater flexibility for changing the thresholds if required. This does not preclude the Minister from amending the thresholds in the future.

The capacity of the Minister to amend the level of thresholds after a period of practical operation of the register may be some comfort to the Deputy. This has also occurred in other jurisdictions as after a period of operation. It will be clearer what thresholds will best meet the purposes of the register. While some other national registers have lower thresholds, the Central Bank has informed me the current thresholds contained in the Bill are in the lower range of European public registers with which it has consulted.