Brian Cowen (Laois-Offaly, Fianna Fail)

The Money Advice and Budgeting Service was established to help people manage their money with a view to regaining control of their finances, including how to avoid falling into difficulty as a result of debt. MABS provides an extensive range of money advice, personal budget and community education services where necessary and liaises with financial institutions on behalf of clients. There are 52 independent companies nationwide operating the service. In 2006, a sum of €16.4 million was provided to fund the service, representing an increase of 20% on the previous year. This year, I further increased the annual allocation to €17.64 million. Last year, almost 27,000 people availed of the service, compared to 18,000 in 2001.

I also note the measures proposed by the National Youth Council of Ireland in its report, Can You Credit It: The Real and Growing Cost of Credit Cards for Young People, to better protect young consumers, such as a minimum balance warning and an annual statement outlining all interest and fees paid. I welcome that report, which raises many important issues regarding young people and their management of credit card debt. It is further evidence of the increased awareness of the importance of consumer protection in the financial services area. The financial regulator is examining the report prepared by the National Youth Council of Ireland and this will inform its study of the transparency of information provided to all holders of credit cards.

I understand from the discussion on the Order of Business yesterday that the Money Advice and Budgeting Service Bill is to be introduced this year.

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