Joan Burton (Dublin West, Labour) | Oireachtas source

Data protection is important to everyone in Ireland. Financial data are some of the most sensitive data that are held on individuals, families and businesses. There was a public consultation, now completed, on the proposed legislative changes. There was also a policy paper. The preparation of legislation would be the next step. I understand that this has commenced, but it will be next year before we see any legislation.

The Central Bank has an overriding supervisory power in respect of financial organisations. As such, the data of customers of various financial institutions or whose loans may be in transition are a matter for the Central Bank. The early stages of the legislation to which the Deputy referred are complete, but I do not anticipate that it will be before the Dáil before next year. In the meantime, the Central Bank has a mandate to oversee the regulation of the types of loan in question, namely, those that are sold on to other entities.

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