Oireachtas Joint and Select Committees

Wednesday, 23 October 2013

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance

Credit Reporting Bill 2012: Committee Stage

3:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

The reason I tabled this amendment is because moneylenders are exempt from this Bill because on average they tend to provide loans of less than €500.

Therefore, there will be no requirement on moneylenders to access the credit register. That is what the amendment is about. It is about trying to compel moneylenders to use the register and remove any excuse they have. We all know stories about the door-to-door canvassing by moneylenders in an area where a particular credit union has fallen into difficulties - Newbridge. There is an issue around illegal moneylenders, but we refer to licensed moneylenders. I would like to hear from the Minister of State on how the €2,000 limit will affect moneylenders, knowing how they operate in the State.

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