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

We introduced an amendment relating to section 11(7), as Deputies recall, and originally the Minister's decision was based on the CPI. We broadened this provision to include the following: "The Minister may, from time to time, review the amount for the time being provided for by subsection (6) and may, following consultation with the Bank and having regard to changes in the consumer price index, the implications for the effective and efficient operation of the Register and the effect on credit information providers and credit information subjects, by order specify a different amount instead of that amount." This amendment broadened the definition of subsection (6) to have a more holistic review rather than something based on the CPI. Within that, there is an opportunity to capture the very issues referred to by the Deputy when it comes to moneylenders and the amounts involved.

Deputies raised as essential point. We are not saying that automatically there is to be a sunset clause and in two years there will be a review and some kind of impact assessment. There would have to be some review, which may come after two or two and a half years. We have to see, in a period of time, whether this will create new difficulties for people in appalling positions and who must go to these illegal entities - they are sharks - that raise extortionate amounts of interest on very small sums of money. It would be normal in this kind of environment for a review to occur, although I am not saying that provision is in the legislation. I am giving the commitment that a review will be complete within two years, and it would have to include an impact assessment across the industry, including the micro-issues raised by Deputies.

Section 11(7) captures the collective view of the committee in having a much broader definition of the Minister's assessment of whether to review thresholds. Previously, there was a provision related to the CPI, but we have now included, following the agreement of colleagues, subjects of financial services and their providers. It is a better approach and the Minister must have regard to the entire range of issues being brought to his attention. I presume that between now and the time of the review, probably in two years, there will be the opportunity to change the thresholds if difficulties arise in light of the Bill's operation.

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