Results 4,741-4,760 of 26,021 for speaker:Kieran O'Donnell
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: Having the credit score reviewed on an annual basis is something to consider. I refer to section 8 of the initial draft legislation, which features in amendment No. 29. The proposal in the initial legislation was that a person would be on the system for a five-year period, from the date the credit agreement was put in place. It would apply in respect of guarantors for five years from the...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: Suppose I am the guarantor. According to the amendment, if a person acts as guarantor for a loan, it stays on the record "... until the end of the period of 5 years, beginning with the day on which the proposal is withdrawn or the arrangement terminated". My point is that typically one could have a loan for five years with somebody acting as guarantor, but even if the loan were paid back in...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: No. Under the original section 8 of the Bill as drafted-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: Yes. Under that section, the data would stay on the system for a five-year period, either from the date the loan was taken out or, if the loan is over a longer time, for that period. If it was a four-year loan it would remain for five years; if it were for six, it would last for six. As drafted, however, amendment No. 29 will insert section 8(2)(a), which states that: "In the case of...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: The substance-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: If they are paid off, why do they remain on the system for a further five years?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: My question is very simple. Why was this amendment included?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: Yes. It is an explanation.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: If one were to work out a credit scoring system which comes down as the years of the loan pass-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: My only worry and the only reason I am putting this forward is that when consumers go to an institution to look for credit and if a loan has been discharged in the normal way, there should be something built into the credit score, given that information will be left on the system for five years. That is reasonable.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: I am sorry, I was trying to be polite.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: Yes.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: I was.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: Am I correct in saying that under section 14 of the Bill, the Central Bank is obliged to put a statement of not more than 200 words on the register? If a borrower had a difference of opinion with a lender in a certain case, would he or she be entitled to put forward in 200 words the equivalent of a tweet for beginners? It is like a Twitter page for borrowers.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: The Chairman is obviously not following me. Can the borrower put up whatever he or she wishes? Is he or she curtailed in what he can say under data protection provisions?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: If the borrower has a dispute with the lender, is he or she entitled to state the case in 200 words?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: If there is a dispute, it will obviously be on the register.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: What is the relevance of the figure of €2,000?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: Above €500 all moneylenders are obliged to send information to the registrar and the register will have the names of individual moneylenders. If a profile is developed of a moneylender giving large numbers of small loans, does the Central Bank have the wherewithal to follow up on him or her?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Kieran O'Donnell: Deputy Pearse Doherty is concerned that people are being given money at very high APRs which they have no capacity to repay. It is about protecting the consumer.