Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I move amendment No. 3:

In page 13, between lines 46 and 47, to insert the following: "(2) Financial institutions that contribute to the Register shall be required to satisfy the Regulator that the procedures of such financial institutions, for cross referencing and verification of data, are fit for purpose.".

Amendment No. 3 requires that financial institutions contributing to the register shall be required - it places a legal onus on them - to satisfy the Regulator that the procedures of such financial institutions, for cross referencing and verification of data, are fit for purpose. This was an issue raised by the National Consumer Agency during the public consultation phase of the Bill. It requires the institutions to ensure that they have proper systems and procedures in place so that the information they provide to the register is up to date and accurate. It shifts the onus onto them to ensure that what is inputted onto the new register is bona fide and can form a reliable basis for those, both for borrowers and lenders, who are making important decisions.

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