Results 841-860 of 34,585 for speaker:Seán Fleming

Saincheisteanna Tráthúla - Topical Issue Debate: Traffic Management (11 May 2022)

Seán Fleming: I thank the Deputy for her contribution to this discussion. Safety is at the heart of what we seek to achieve with our investment in transport. It behoves all road users to concentrate, consider all other road users, slow down and be observant. In the wider context of road safety, this is set out in the Government’s fifth road safety strategy, the implementation of which the Road...

Saincheisteanna Tráthúla - Topical Issue Debate: Harbours and Piers (11 May 2022)

Seán Fleming: I thank the Deputy for that further information. I hope Cork County Council will take the opportunity to engage with local stakeholders in an appropriate way regarding proposed works or changes to the use of marine public infrastructure. Returning to the scheme, I spoke about the seafood sector task force. This is a special once-off emergency instrument under the Brexit adjustment...

Saincheisteanna Tráthúla - Topical Issue Debate: Harbours and Piers (11 May 2022)

Seán Fleming: I thank Deputy Christopher O'Sullivan for raising this issue. I am representing the Minister for Agriculture, Food and the Marine, Deputy McConalogue. He has asked me to respond on his behalf. I will speak directly with the Minister during the course of the day to reinforce the points the Deputy makes. Responsibility for the development and maintenance of local authority-owned piers,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: Section 2 provides for the terms "moneylender", "moneylending", "moneylender’s licence" and "moneylending agreement" to be replaced by the term "high cost credit provider", "high cost credit", "high cost credit provider's licence" and "high cost credit agreement", respectively. The purpose of this change in language is differentiate licensed providers more clearly from unlicensed...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: There is no specific item in the legislation that deals with a period such as coming up to First Communion, Christmas or any other holiday period. There is no specific section in the legislation that prohibits the distribution of advertisements in a specific time period. When one can advertise is not confined to certain days of the year. As I have said, the interest rate must be clearly...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: I understand. We were all in the same space on this in protecting vulnerable customers at a vulnerable period in the year just coming up to Christmas. The Central Bank brought in the high-cost warning requirements, which came into effect on 1 September 2020, and the remainder of those regulations came into effect on 1 January 2021. Some of those have already come into effect since the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: I understand the point made about the people we are dealing with. There is an item in the legislation that is new and is not in existing legislation. For the first time we will have legislation whereby the loans can only extend for 12 months. Up to now there was not a 12-month limit and loans could roll over very simply. It did not have to be a new loan. Under this legislation, the loan...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: It would be the same requirement as for any commercial or personal loan. That did not apply up to now in this sector. The lenders will now have to meet the same consumer credit loan protections and regulations that apply to all other lenders authorised by the Central Bank. That was not the case up to now. This will include income and whether a person has the ability to repay the loan. It...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: I do not know.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: I would because these are small loans. The average loan is in the bracket of between €700 and €800. They are not loans of thousands of euro. They are quite small.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: It is the second to last, as the illegal lenders are out there and we want to keep people away from them.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: That is a very fair description of where we are, prior to the enactment of this legislation. It is a very fair assessment of what happens in many cases. It is why, for the first time, we are introducing a limit of 12 months on any loan. In the past, loans would just been rolled over repeatedly but now a loan will have to be brought to a conclusion at the end of the 12-month period. There...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: Okay. The essence of the legislation is that it would be an offence to issue a four-year loan. It would be a specifically stated offence.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2022: Committee Stage (11 May 2022)

Seán Fleming: The Deputy quoted how much somebody would pay on a four-year loan on the basis of an initial €1,000-----