Results 29,541-29,560 of 36,033 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: 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...
- 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 should correct me if I am wrong on this. On Deputy Kieran O'Donnell's point, amendment No. 29 includes a change to the relevant period whereby information will stay in the system for five years, that applies to section 7(2)(b) which refers to debts on a loan, which means that it has not been paid back. The other paragraph, whereby it will terminate five years after the...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: On section 8(2), for the purposes of clarity, let us take the issues individually. Section 8(2)(a) includes a reference to section 7(2)(b), which reads, "any proposal or arrangement with respect to debts under the credit agreement or any guarantee or indemnity given in connection with the credit agreement". Specifically, we are talking about credit where there are debts outstanding.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: In that arrangement, when the proposal is withdrawn or the arrangement is terminated, the information stays in the system for five years afterwards. If I have a mortgage or loan and I still owe €10,000, for five years after the period by which I was supposed to pay back the loan, this information will stay 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: Even if I owe €10,000 after the end of the five year period, it will disappear from 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: It will remain on the register until the credit arrangement is terminated. If I go into a bank, for example, AIB, to ask for a car loan of €20,000 over a period of three years and in that period of three years I only pay back €10,000, I will still owe the bank €10,000, but the credit arrangement will have terminated-----
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: In the original section 8, one could have had an eight year loan and the information would only have stayed on the register for five years. By amending the legislation, the Minister of State is making certain that it will be in place for five years afterwards.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: Amendment No. 31, my amendment, is also trying to capture this in the case of family homes. This could be written with different distinctions. As I said, I am open to this. I raised this issue on Second Stage and I am raising it again on Committee Stage. I will pursue some amendment of this sort on Report Stage because it is really important that there be a distinction made for...
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: But it will be taken away. While that information will be captured, it still makes credit information on the older position available to others, even though it is not of any benefit to them.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: Perhaps we will come back to this issue 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: That would be appreciated.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Pearse Doherty: I move amendment No. 30: In page 11, between lines 7 and 8, to insert the following subsection:"(2) 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. The Bank may rely on such adjudication and amend the Register as recommended by the adjudicator.".This is a much welcomed...