Results 8,561-8,580 of 36,192 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: This is related. Section 11 ensures that the APR provisions apply to credit and hire purchase agreements. The Central Bank may make regulations to amend the method of calculation. Later, we will deal with the fact that APR is capped at 23% for these services, which I support. At least it is being brought into line with other services. Going back to the example of Klarna, it offers...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: So, there is no limit on interest that can be charged when a customer misses a payment?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: That takes me to an amendment that I will move later. This is a major issue in terms of how people are going to access credit and the heavy penalties that will not be captured under this legislation, which is consumer protection legislation. It is good that we are regulating them, but there is a big issue on which I have an amendment later that I ask the Minister of State to support. I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: How will the Central Bank obtain the PPS numbers of individuals who are on the central credit register?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: If a person is buying a car, for example, will it now be required for a PPS number to be provided to the Central Bank to go on the central credit register? Is that correct? What about the loans of existing customers? Is this just a provision for future loans or will there be a bulk transfer of PPS numbers to the Central Bank?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: The information is provided to the financial institution or credit provider when a person is taking out a loan, but it is not provided to the Central Bank. This is a new system for the provision of the information. Will there be a bulk request for the PPS numbers of all the existing loans or will it just happen going forward?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: I appreciate that. It is an amendment. It was not part of the legislation. It was not discussed and it is quite technical. If I go to buy a car through a PCP tomorrow morning and I provide my PPS number to whoever I am buying the car from, that is now going to be provided to the Central Bank. What will the Central Bank do with my PPS number? Will it contact the Department of Social...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: Until now the Central Bank cannot get access to PPS numbers because, under law, it is not included in Schedule 5 of the Social Welfare Consolidation Act. That will now change with this amendment. I am curious about what they are going to do. The Minister of State, Deputy Fleming, said that they are going to check the PPS. Is that what is going to happen, for example, if I go to buy a car?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: Did they have access to PPS numbers?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: I would very much welcome a note on the issue and what the Central Bank will do with the PPS numbers in terms of the central credit register.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: That leads me to the question I asked at the start. If I go to buy a car now, does the Central Bank check with the Department of Social Protection for each loan that it is a valid PPS number?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: Well, the Minister of State said it is about verifying the PPS number with the parent Department. It would be helpful to get a note on what the Central Bank will do with the data.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: On amendment No. 5, which deals with the central credit register, as I pointed out to the Minister of State, some one third of individuals actually miss their repayments under buy now, pay later financing. The Money Advice and Budgeting Service, MABS, has done a report on this issue in the past and there have been studies across the water in relation to this. How will this affect people now...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: So, consider the student who goes to buy that jacket. As far as I know - and correct me if I am wrong - the central credit register has a minimum application anyway, which I believe is €500. It would have to be an expensive jacket. Up until now, if that person missed a payment he or she would not have it appear on central credit register, but from now on it will appear.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: What of multiple loans or purchases where people fall into-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: It can. Of course it can. The information must be passed over. The central credit register has been operating for a number of years now without PPS numbers. I am not arguing the point, I just want to know what the process is with this amendment. I am, however, very concerned about the facilitation of credit to people who cannot afford it. I am also very concerned that, given what is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: I move amendment No. 6: In page 18, between lines 12 and 13, to insert the following: “Report by Central Bank on Buy Now Pay Later products 17. (1) The Central Bank shall, no later than six months following the date in which this section is commenced, present a report to the Minister for Finance examining Buy Now Pay Later products with particular reference to, but not restricted...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021: Committee Stage (23 Feb 2022)

Pearse Doherty: That is very disappointing, if not surprising. The irony is that Deputy Fleming, who is the Minister of State with responsibility for insurance, brought legislation before the House that only asks for a report on dual pricing. He then went on radio and claimed that he was going to ban dual pricing but he had no hand, act or part in that. He knows that it was me who made the complaint to...

Ceisteanna Eile - Other Questions: Tax Code (22 Feb 2022)

Pearse Doherty: We have debated long and hard the impact of carbon taxes and the failure of the Minister to reach out to his colleagues in the European Commission to speak about the potential of reducing VAT. This has not happened, despite the fact I raised it with the Minister in September. Deputy Carroll MacNeill rightly points out the Minister brought forward a tax package. The largest part of that...

Ceisteanna Eile - Other Questions: Insurance Industry (22 Feb 2022)

Pearse Doherty: 64. To ask the Minister for Finance the number of meetings he has held with an organisation (details supplied) or insurance undertakings since 24 April 2021 to discuss the personal injuries guidelines and ensuring savings made as a result of the new guidelines are passed onto consumers in the form of reduced premiums; and if he will make a statement on the matter. [9696/22]