Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Amendment No. 77 provides for the insertion of the words "and the different descriptions of those complaints" in section 70. To take the tracker mortgage example and the dubious activities of a bank or a collection of banks that might attempt to move people from a tracker mortgage, there is nothing in any shape or form which does not allow a full description of those complaints.

It is our considered view that there has been a response to Committee Stage proceedings and the need to free up the opportunity of the Financial Services Ombudsman to describe such complaints in his report, and there is no difficulty around that. I believe Deputy Doherty's concern, which is genuine, is being met by our amendment No. 77. It is perfectly straightforward.

Deputy Doherty referred to the different description of those complaints in the subsequent amendment. Ipso factothere could be a thousand and one different descriptions but the amendment deals with a literal description of a complaint, whether relating to a tracker mortgage or anything else, and I believe that deals with the issue.

There is consensus on the issue of the de minimusrule. The point has been made about tracker mortgages and although it is an issue for banks it is not necessarily an issue for the small trader in a small town. In any course of events, more than three complaints could be made against a bank where this particular activity is attempted by it. The key issue is to be proportionate. The Minister for Finance had a good discussion with colleagues on this issue on Committee Stage. It is important to be proportionate and small brokers, who must deal with all the issues that come with the territory, are not the same as large plcs or banks. With the de minimusrule we are trying to introduce some proportionality in the scale of complaints that are made. A defined architecture is being put in place as a result of this Bill and there have been other changes on the regulatory side in recent years. If difficulties emerge they will come to public attention via the Financial Services Ombudsman and the Central Bank. There is no attempt in this legislation to in any way delimit or reduce the opportunity for a full investigation or a full public airing of these issues. For these reasons I do not propose to accept Deputy Doherty's amendment. However, in respect of the other point about the importance of describing these complaints in a manner that is clear and transparent, I assure Deputy Doherty that amendment No. 77 deals with the issue. There should be no doubt about that.

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