Results 29,421-29,440 of 35,924 for speaker:Pearse Doherty
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: Then they are breaking the law.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: When this Bill is enacted, if I apply for a loan in excess of €2,000 and the financial institution does not consult the credit register, it will be in breach of the legislation.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: The figure of €500 does not apply just for money lenders but for all financial institutions.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: Where a loan has been secured, it must be reported, but if I go to a moneylender to apply for a loan of €600, the moneylender is not obligated to check my credit history on the register.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: This legislation will force people to check the register. This is about compliance and making them do so. It is wrong to tar everybody with the same brush, as there is a role in society for moneylenders. However, I have major issues with the APR they charge and the behaviour of some moneylenders which I have reported to the Central Bank. If one does not have to check the register in...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: The Minister of State says that in good faith, but I do not accept it. None of my comments is meant to tar the entire industry with the same brush, but there are reports on legal moneylenders who go around collecting their money with the Argos catalogue in hand, particularly around this time coming up to Christmas when they offer other loans or their loans are being exhausted. They are not...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: It is illegal for a moneylender to provide two loans for an individual until the loan has been cleared.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: There is a way around it. We have had situations where because of regulations and restrictions in credit unions people have moved towards moneylenders. We must ensure this legislation applies to moneylenders, as it does to any other regulated financial institution. It is very hard to dispute that the €2,000 limit above which lenders must check the credit worthiness of borrowers...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: My amendment states the bank may provide for an independent adjudication of disputes between a credit information subject and a credit information provider as to the content of the register. I am not sure whether we have a right to provide one company with a route to independent adjudication and not another. I will return to this on Report Stage.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: The reason I tabled this amendment is because moneylenders are exempt from this Bill because on average they tend to provide loans of less than €500. Therefore, there will be no requirement on moneylenders to access the credit register. That is what the amendment is about. It is about trying to compel moneylenders to use the register and remove any excuse they have. We all know...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: Will anybody with information held on the register be able to apply to the Data Protection Commissioner in the case of a dispute?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: What about people like me with a mortgage or loan from one of the banks?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: That is fine. Will the ruling of the Data Protection Commissioner be adhered to by the Central Bank?
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: I am just absorbing what the Minister of State as saying. The Data Protection Commissioner will capture the vast majority of cases-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: For a number of individuals, there will be no independent adjudication available. Is that not the case? If we are accepting the principle of the Bill-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: Individuals in SMEs with a turnover of in excess of €3 million.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: If if there is a dispute between an individual such as a hairdresser and the bank, that individual, depending on the size of his or her business, may be able to go to the Data Protection Commissioner. However, a large supermarket, owing to its size, would not have the independent adjudication process available to it. If we have established that the Bill should be able to allow for an...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: The Data Protection Commissioner and the relevant Acts deal with a different set of scenarios. They deal with data, of which financial data are obviously a part. These data were dealt with in the legislation at a time when this register was not being conceived. I agree with the Minister of State that the Data Protection Commissioner is the best independent person to adjudicate on these...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: Any individual can do so, but the problem arises when there is a dispute. Depending on one's turnover, in a dispute one can engage in an independent adjudication process. However, the legislation stipulates that this route is not available to a successful business person with a turnover in excess of €3 million. The Minister of State is not on solid ground in this regard.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: I will not labour the point, but I dispute some of the Minister of State's contentions and ask him to reflect on them. This is about information that will be held on this register. It will concern an application that would have been made to amend the information by an individual or a small and medium-sized enterprise, SME, but the bank has disagreed with the information. The information...