James Bannon (Longford-Westmeath, Fine Gael) | Oireachtas source

I would like to be the first on this side of the House to congratulate Helen McEntee on her fine achievement in Meath East yesterday. She belongs to a new generation of politicians. I had the pleasure of canvassing with her last weekend in Meath and she proved to be a top performer. We will all see evidence of that in the months and years ahead in this Chamber. I extend my good wishes to the entire McEntee family and to the people of Meath, who made a very good choice in selecting Helen to represent them.

I welcome the opportunity to speak on this important Bill this afternoon and I thank the Minister for Finance, Deputy Noonan, and the officials in his Department for their hard work in an area that causes a great deal of discontent among the general public and businesses. Protecting the rights of our citizens under the Constitution has to be paramount. I cannot stress this strongly enough in today's world. We are all suffering because of the fraud, corruption and cover-up perpetrated by some former politicians, senior bankers and executives in Ireland. They were responsible for the theft from, and ruination of, many pillars of our State, including our banking system. They left our economy in complete meltdown until this coalition Government took over under the leadership of Deputy Kenny and the Tánaiste, Deputy Gilmore, ably assisted by the Minister for Finance, Deputy Noonan, and the Minister for Public Expenditure and Reform, Deputy Howlin. Their first task was to try to win back our good international reputation, which was in shreds and tatters after the previous administration had dragged us down. They had a huge task, going not only around Europe but around the world to restore Ireland's reputation. Any of us born here are proud Irish people and we were equally fed up with what went on during the Celtic tiger years.

This Bill establishes a statutory credit reporting system to promote more responsible borrowing and lending and creates a central credit register to be maintained and operated by the Central Bank. It grieves me that some of the personnel, particularly in the banking sector, who presided over our economic crisis because of the way they lent are still in situ. They wrecked our economy. It is important that we ensure that those who receive gold-plated incomes pay the most and that those at the bottom of the income ladder pay the least. This is the only way we can win back the confidence of the public in this economic crisis. The Government must deal with those who brought this country to its knees. That is well documented in the media and I do not need to mention the names of those people who are in America and elsewhere and whom the authorities in this State meet by appointment for questioning when ordinary people must go through the rigours of the law. I do not want to mention all their names. I could give a list the length of my arm but it is well documented and I do not want to make any blunder that would let them off the hook when they come before the courts. They wrecked our banks, destroyed our economy and cost us billions of euro, but not one has been put behind bars or punished. As an elderly woman said to me when I was out canvassing last week, there is not a single prosecution in sight. I would like the Minister of State, Deputy Cannon, and the Government to take the views of ordinary people on board because it is time that we listened to and connected with our citizens who are fed up. That is probably why there was such a low turnout at the polls in Meath. We are not connecting with people and we need to connect. It is very important that we do so.

These bankers cannot be let off the hook for milking our banks with one scam after another and breaking the law at the stroke of a pen, and indeed every turn of a pen. What about the golden circle that received €450 million and those who rigged the balance sheets of Anglo Irish Bank to make them look good? They appeared on TV shows and so on, were lauded by interviewers and got away with boasting of their activities and shameful carry-on. We need to get tough with those who destroyed our banking system and are responsible for Ireland's losing her hard-won independence to the EU-IMF-ECB troika.

While we have the Credit Reporting Bill before us this evening, I must ask a question: where is the legislation to bring rogue bankers to book by stamping out white-collar crime? Under the EU-IMF bailout the vulnerable, the disabled, the sick and carers are the target of cutbacks. Every week at my clinics people talk about the dreadful disconnect between ordinary citizens and the State and the way those who wrecked our country are being let off the hook, receiving massive pension packages, bonuses and other entitlements. These should have ceased as a punishment for the way they wrecked our economy. This disconnect was very evident in Meath, where less than 40% of people turned up at the polls yesterday. That is a wake-up call and there is a lesson to be learned. It is important that we take people's views on board. Politicians are elected to implement the will of the people and it is important that we do that.

The public is not at all happy with the length of time it has taken to bring serious charges against those who wrecked our banking system.

The Government recognises the vital role small businesses can play in fixing our economy and creating jobs. This legislation proposes to extend the role of the Data Protection Commissioner to deal with complaints from small enterprises with a turnover of less than €3 million in respect of their data held on the credit register. It is important we breathe new life into this area. The Government is strongly committed and determined to achieve a breakthrough for small businesses and proper recognition for the sector. Last year, we announced 16 financial support schemes for small businesses from starting a business to growing it, as well as recruiting and accessing credit.

As all Members know from their constituency clinics, for small and medium-sized enterprises, SMEs, to get business funding from the banks is like reaching for the stars. SMEs are the backbone of our economy. Up to 95% of all companies are SMEs with 90,000 of them employing 1 million people. At a personal level they represent a commitment by individuals connected with the country to invest in their communities, take risks and create employment. This will play an important role in getting the country up and running again.

This legislation extends to loans acquired by NAMA, the National Asset Management Agency, and loans issued by local authorities. The Minister for Finance must ensure NAMA balances the scales in favour of communities as opposed to developers. It should give local community groups priority in purchasing enterprise-sensitive sites and properties which would potentially enhance and enable economic renewal of such areas currently decimated by the actions of the banks and developers. There is not one rural community which would not benefit from a NAMA property transfer. The recession has brought back a huge sense of community across rural areas and I am sure the same is happening in our cities. NAMA cannot be a private club. Throughout history, we have seen the destructive powers of such clubs and it is important checks and balances are put in place to supervise the agency.

Another important provision of the Bill relates to access to data and the prevention of identity theft. This legislation will inspire confidence in businesses and the consumer in this regard. It is also important from the public's point of view that credit providers will be required to meet specified timelines and reporting standards. Often when credit reports are prepared, no deadlines are issued as to when its recommendations should be acted upon. I am glad this legislation includes timelines.

All in all, the Bill will act as a support to the financial services industry, as well as supporting responsible lending and borrowing which was absent in the Celtic tiger years and which has left us all in an economic mess. Much hard work has gone into the Bill by the Minister for Finance and his Department.

The public, however, is not happy with the length of time it has taken to bring forward legislation to deal with those who wrecked our country. There are several provisions in the Bill with which I am concerned. While individuals will be entitled to a free copy for their own records every 12 months, fees may be charged for access to other information held on the credit register. Will the Minister give an indication of how much this fee might come to? The database will be owned by the Central Bank which will be responsible for operating the registry. It has had a poor record in the past. Hopefully, it will have learned from its mistakes. It is important it does a good job in this area. Will the Minister have control in overseeing the database to ensure it is properly maintained and so forth?

The Bill provides for mandatory reporting of a comprehensive range of credit information by credit providers. I welcome the Bill as it is in the best interest of the public. Similar legislation has been highly effective in other jurisdictions. However, we need action to be taken against those who wrecked our economy. Deputy Mattie McGrath claimed he resigned from Fianna Fáil because of the behaviour of former taoisigh and Ministers but I must remind him it was over a local issue. I hope, however, he is like the lost prophet who has seen the light at the end of the day. I notice every other day he has been advising the current Fianna Fáil leader from the benches. I hope he will play a more independent role in future and be on the side of the people who elected him.

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