Results 821-840 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: The rate at which the money is obtained is the cost of the risk.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: I can furnish the Deputy with the report.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: It is an independent entity and it has no legal standing-----
- 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: Moneylenders do not report to the ICB.
- Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Reporting Bill 2012: Committee Stage (23 Oct 2013)
Brian Hayes: They are regulated by the Central Bank but I will check the position on reporting.
- 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 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: I do not propose to accept Deputy Pearse Doherty's amendment. It is not necessary to have an adjudicator as the relevant provisions of the data protection legislation of 1988 and 2003 will apply to the Bill. When a credit information subject seeks an amendment to correct information held on the register as it relates to him or her, he or she must inform the Central Bank. The Central Bank...