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

We had a general discussion about how to correct the register on Committee Stage to which the Deputies opposite contributed. Deputy Michael McGrath stated at that point he would bring forward this amendment to reflect that discussion and he flagged that as part of his contribution.

I do not propose to take amendment No. 3 on board as it is my view that this is not necessary. Section 20 gives the bank the power to set the verification standards for personal data. Section 21 places an obligation on credit information providers in relation to the quality of the credit information provided. Furthermore, credit information providers have obligations as data controllers under the Data Protection Acts.

In addition, section 11 of the Bill allows the Central Bank to define the detail to be provided by way of regulations for both personal and credit information. That power exists for it in terms of the regulations that are to be provided thereafter. Failure to adhere to the regulations or standards can be addressed by the Central Bank through the extensive enforcement powers of regulated financial service providers.

The Central Bank has the necessary power in the Bill to set the rules and standards and has the power to take enforcement action if necessary. The amendment is not required because of the existing power that the Central Bank has in terms of regulations in this matter.

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