Results 1,101-1,120 of 34,585 for speaker:Seán Fleming

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)

Seán Fleming: I move amendment No.5: In page 17, between lines 18 and 19, to insert the following: “Amendment of Schedule 5 to 15.Schedule 5 to the is amended, in paragraph 1(4), by the insertion, after “an tÚdáras um Ard-Oideachas,”, of the following: “the Central Bank of Ireland, when carrying out its functions in relation to the Central Credit...

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)

Seán Fleming: It is already a requirement to provide a PPS number when a person is applying for a loan from a regulated body. The proposed change is to include that information on the central credit register that will be operated by 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)

Seán Fleming: It is already required that the information would be provided and what this allows is for the Central Bank to verify the information through the Department of Public Expenditure and Reform or the Department of Social Protection. The information is coming in, but it now allows the Central Bank to verify it, if it feels the need to verify it, with the Department that issues the 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)

Seán Fleming: While this is not a necessary requirement at the moment for the processing of PPS numbers by the Central Bank or by credit information providers in relation to the CCR, as the statutory basis for that use of PPS numbers in relation to the CCR is contained in the Credit Reporting Act, the Central Bank nevertheless indicates that the inclusion of the CCR on Schedule 5 would have a number of...

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)

Seán Fleming: No. The Central Bank has access to that information, but they did not specifically up to 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)

Seán Fleming: Yes, when people had applied for a loan. But they did not specifically list in Schedule 5 the use of it for the central credit register. That is it. They want to make sure that they have the ability to include it on their central credit register also, under section 5. They have the authority but they are being specific. They want to be able to include it here. It is not part of the loan...

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)

Seán Fleming: I am happy to provide that. It is really so they can verify it back with the issuing Department because there can be mistakes in PPS numbers, and I believe that we all know that.

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)

Seán Fleming: No.

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)

Seán Fleming: Their gathering of the information is a separate process and is connected to the granting of the credit. It is gathering information they have on the file so they can do the types of reports the Deputy had suggested earlier on, and that they would have valid and accurate information. The information is not needed as part of the regulatory and reporting function, and it is not part of the...

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)

Seán Fleming: They would be captured under existing arrangements in terms the central credit register mechanism, now that these come in under it. Up to now those arrangements would not have been authorised by the Central Bank, and now they will be from here on in once the legislation is commenced.

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)

Seán Fleming: Loans below that will continue to be loaned outside of that reporting structure. We are not changing that level. If there is non-payment or default on those smaller loans, they are not captured under the current or this proposed legislation.

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)

Seán Fleming: The Deputy is now giving a good suggestion as to the value of getting the PPS numbers so we can accumulate those loans. That information cannot be collected or verified-----

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)

Seán Fleming: They are still excluded for figures under €500 with regard to the central credit register. Those loans and defaulted loans under that are not captured currently and it is not planned that this would change either. That concern is there for people with small or multiple loans and it is not addressed in this legislation. As the Deputy has said, it is a broader issue across all credit...

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)

Seán Fleming: The only people who can get that information now is the person can always obtain his or her own information, and the lender when it receives the application for the loan from an individual, or if they are restructuring an existing loan. They can only do it and access it in those circumstances; that is the lender on application or the restructuring of a loan, or the individual who can always...

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)

Seán Fleming: There is. It is not specific to this. The Credit Reporting Act currently deals with that. Those measures are in place under existing legislation. As I have said, it is very limited, and the lender can only make a request for information when it has a current application for a loan. The lender cannot do it in credit checks for any other purpose, and only at the time when there is an...

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)

Seán Fleming: Deputy Doherty’s amendment concerns BNPL credit products and it appears that its primary purpose is to cause a report to be produced by the Central Bank that would, having assembled and analysed the data sought, make recommendations to address the issued examined. Presumably the expectation is that, taking account of regulatory measures adopted elsewhere, there would be a...

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)

Seán Fleming: It would be normal for people to provide details of their income on any application for finance, including their PPS number.

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

Seán Fleming: I propose to take Questions Nos. 25, 38 and 64 together. As the Deputy will be aware, insurance reform is a key priority for the Government and the establishment of the office to promote competition in the insurance market is a programme for Government commitment. The office, which I chair, is positioned within the Department of Finance. Its twin aims are to expand the risk appetite of...

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

Seán Fleming: I thank the Deputy again for consistently raising this issue because it is a very important sector of the Irish business environment. There has been great success in the reduced premiums in motor insurance and the same is happening in house insurance this year. On 1 July we will have new price walking measures introduced by the Central Bank which will have immediate effect. People will...

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

Seán Fleming: I thank the Deputy again. I could deal with a wide range of issues but I will try to concentrate on the specific area that the Deputy has mentioned. Duty of care is an absolute priority and is being dealt with. We will have proposals on that in the immediate future. The Department of Justice is seized of that issue, having successfully brought forward the personal injury guidelines last...