Results 11,021-11,040 of 11,861 for speaker:Brian Hayes
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: There would be cost implications associated with the extension of the data protection legislation for the types to which the Deputy refers. On section 9, applications from credit information subjects or credit information providers to amend information held on the register must be made on the basis that the information is inaccurate. My understanding is that under section 9, this can happen...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: What has been established under existing law is such that we do not extend the Ombudsman's jurisdiction to the types to which the Deputy refers. Corporates are corporates and the ultimate independent arbitrators in disputes are the courts. The objective is to protect the small trader. If one were to extend the power as far as desired, there would be a financial cost that could prove very...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: In any scheme of legislation, one has to be realistic about what can be achieved. We appreciate the support we have received on this Bill from all sides of the House. The Deputy knows the confines under which we are working because this is a troika commitment that we have to put in place. It could be reviewed in time if an SME with a turnover of €3 million felt the legislation was...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: I move amendment No. 32: In page 13, subsection (2)(a), line 8, to delete “and”.These amendments allow the register to impose some minimum standards around the data to be reported and the verification procedures that credit information providers must undergo to confirm certain information that may be subjective, which includes collateral valuations or information that may be...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: I move amendment No. 33: In page 13, subsection (2)(b), line 10, to delete “provided.” and substitute thefollowing:“provided, and(c) requirements as to verification which are to be met or complied with in connection with that information.”.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: I move amendment No. 34: In page 13, subsection (7), line 30, to delete “and to the impact on credit information providers” and substitute the following:“, the implications for the effective and efficient operation of the Register and the effect on credit information providers and credit information subjects”.Amendments Nos. 34, 35 and 38 ensure that the ability to...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: Moneylenders must report any loan above €500 to the registrar. In that respect, the €2,000 limit is not the central issue. If one has to report anything above €500, there is the obligation to do so.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: When somebody applies for a loan, the register must be checked.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: Yes.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: The moneylender is not obligated, but he or she may do so.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: To play devil's advocate, as a moneylender, is it not in my interest to know about the client by accessing the register? It depends on the rate of interest.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: Yes.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: If this pattern which would be identifiable by the Central Bank emerges, there is no difficulty about changing the regulations. The first priority in ensuring the register works is in terms of the larger institutions such as banks and credit unions. I take the Deputy's point about moneylenders, about whom he has spoken in the past. If this problem were to emerge by way of information from...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: Deputy Pearse Doherty's proposal involving a figure of €125 is an attempt to capture more moneylenders. I accept what the Deputy is saying. Moneylenders know their customers and the reason they lend is they know they will usually get their money back. Even with a limit of €125, there would be nothing to stop a moneylender giving ten loans of €124.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: A moneylender could lend to different people in one household.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: In my initial reply, I said if that concern is realised in a broad way, there can be a legislative response, ultimately, by way of the regulations the Ministers can introduce. Deputy Doherty accepted that not all moneylenders are the same but a second important issue is if we apply such onerous conditions to relatively small sums, will we drive more people into the hands of the unscrupulous...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: If that will be of assistance, we can examine that.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: Is that in excess of €2,000 on an annualised basis?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: We will examine that and see whether that can be rectified.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: They can check someone's credit history.