Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I will read the note that I have on this section, which will deal with the Deputy's point. The section provides that the Minister for Finance may request that the Central Bank, using the powers under the Central Bank Act, to collect and publish information on credit hire purchase agreements, including PCPs and consumer hire agreements, or services provided by retail credit and credit servicing firms. This will facilitate the publication of additional statistical data on the level of financial accommodation that is provided by the regulated businesses where the Minister considers that there is need for such additional data. The Minister will use this power where there is a need to do so in consultation with the Central Bank. The amendment will allow for a collection of publication of data either on a once-off or an ongoing basis, as provided in this section. However, the amendment makes clear that this does not apply to personal data or to firm-specific data that is not otherwise relevant in the context of the provisions of section 33AK of the Central Bank Act 1942, which generally prohibits the disclosure of confidential information, except in specific circumstances.

The Minister has the power under this section either to request information on a once-off basis or on an ongoing basis where he or she feels there is a need to do so. There may not be a need. The Central Bank, separately under the legislation, can, on its own initiative, produce this report without a request from the Minister. This means that the bank has the authority to do it under the legislation and the Minister has the authority to ask for a report if and when the need arises. It could be more often than every six months, or it might not have to happen very often at all. It is only when the Minister deems that a need arises.