Robert Troy (Longford-Westmeath, Fianna Fail)

I move amendment No. 2:

In page 6, line 37, to delete “an amount not greater than the prescribed amount” and substitute the following: “an amount not less than the prescribed minimum amount and not greater than the prescribed maximum amount”.

This is one of three amendments to the Bill to provide for prescribed minimum and maximum amounts, together with amendments Nos. 7 and 9. Currently, the credit review office reviews applications for credit between €1,000 and €3 million. It is proposed the same parameters will apply to the applications to the new service, although the Minister may change these by statutory instrument, should that be appropriate in the future. The Bill currently provides for a prescribed maximum amount but not for a minimum amount. These amendments provide for a prescribed minimum amount, in relation to which a review can be conducted by the service. This will ensure the resources of the service are not wasted in dealing with relatively trivial disputes and will also have the benefit of providing clarity to borrowers and prospective applicants to the service.

Amendment No. 2 amends the definition of "credit facility" to allow the prescribing of a minimum amount in relation to an application for credit that shall be eligible for the application to the service for review of a credit decision.

Amendment No. 7 deletes the definition of a "prescribed amount" and substitutes definitions of "prescribed maximum amount" and "prescribed minimum amount".

Amendment No. 9 replaces section 3. While the existing section provides only for a prescribed maximum amount, the replacement section provides for both a maximum and minimum amount. The amendment also adds to the factors to which the Minister is to have regard in prescribing these amounts. They need to ensure effective and efficient use of the resources available to the service.