Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

The purpose of the Bill is to ensure people who provide credit for individuals have a database on the risk they take. We are also providing for a duty of care, albeit at a symbiotic level, and a firewall to ensure people do not over-borrow.

Whether it is a car loan or a moneylender, ultimately, the company will make the decision on loaning the money, regardless of the risk. It makes that decision. More important, Deputy Doherty's position addresses the nature of moneylending, which is short-term loans repaid on a short-term basis but the reality of this is these companies are engaged in a long-term lending practice because no sooner is the loan cleared than a new loan is made out. The concern if businesses can see I have a mortgage, credit union loan and a credit card arrangement, they will make a decision on their exposure and provide a hire purchase agreement or whatever on that basis. However, for example, they may be blind to the fact that I am servicing a loan of €400 out of every pay packet because they are not getting sight of that. If I am servicing such a loan out of my salary every month, that amounts to a significant sum out of my income on an annualised basis. The concern is we may leave a gap.