Results 1,261-1,280 of 34,833 for speaker:Seán Fleming

An tOrd Gnó (Atógáil) - Order of Business (Resumed) (22 Mar 2022)

Seán Fleming: I met with all of the representatives of the credit union organisations earlier this month and we have agreed a series of proposals in respect of the amending legislation that they are looking for. I encourage credit unions - as, I am sure, everybody else in this House would do - to avail of the opportunity presented by the closure of so many bank branches and the fact that some banks...

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: The Opposition-----

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: What is being proposed-----

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: I am in the middle of making a point.

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: What I want to say in relation to the point I am making is that the legislation-----

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: I think the figure of 288% was quoted by both of us in our opening speeches. The Opposition is proposing that the 288% be brought down to 36%, a reduction of 252%. Our legislation is proposing a reduction in the maximum rate of 240%.

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: It will be a reduction from 288% down to 48%. What is being proposed is a reduction of 252% from 288%-----

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: That is the scale of what is being proposed in terms of where we are with the de facto rate that is out there at the moment - the interest rates being charged - and what will come in under the new legislation. There is a difference between what the two sides of the House are proposing, but the message going out that everybody needs to hear is that regardless of which rate is introduced...

Consumer Credit (Amendment) Bill 2022: Referral to Select Committee (10 Mar 2022)

Seán Fleming: I move: That the Bill be referred to the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach pursuant to Standing Orders 95(3)(a) and 181(1).

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: I thank all the Deputies for their time and interest in contributing to the debate on this Bill. As I mentioned earlier it is my intention to seek an early date for consideration of the Bill at the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach, where we will constructively engage with the Deputies on any proposed amendments. In the meantime my officials and I...

Consumer Credit (Amendment) Bill 2022: Second Stage (10 Mar 2022)

Seán Fleming: I move: "That the Bill be now read a Second Time." The main purpose of this Bill is to provide for the introduction of caps on the cost of borrowing under a moneylending agreement. While the moneylending industry has been contracting in recent years, it remains an important source of credit for a significant number of people. To give Deputies a sense of the market, according to Central Bank...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2018: Committee Stage (9 Mar 2022)

Seán Fleming: I thank the committee for inviting me to attend today. Deputy Doherty's Bill addresses an important issue in seeking to reduce the cost of credit for moneylending borrowers. I must commend him on championing this issue for a number of years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2018: Committee Stage (9 Mar 2022)

Seán Fleming: I understand that it is a Private Members' Bill and I understand the point the Deputy makes. I am quite happy to move straight into discussing the particular amendments if the members present are happy to do so. I was just going to say a few small introductory words. There is other legislation coming down the track. I am quite happy to get into the specifics of the Bill straight away if...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2018: Committee Stage (9 Mar 2022)

Seán Fleming: Well, that was my opening statement.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2018: Committee Stage (9 Mar 2022)

Seán Fleming: Amendment No. 1 proposes to amend section 93 of the Consumer Credit Act 1995, which deals with the granting of moneylending licences by the Central Bank. It replaces "the cost of credit to be charged being excessive" with "the cost of credit being usurious or excessively high", terms which are then defined under amendment No. 3. I oppose amendment No. 1 first on the basis that, taken on its...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2018: Committee Stage (9 Mar 2022)

Seán Fleming: A major player may have left the market but there are still 36 licensed operators in the market, with 32 actively providing credit in the market. One loss is significant because it was a substantial company but there are still 100 different registered products out there and available to people outside of those offered by the company that has left. It is important to point that out. We want...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2018: Committee Stage (9 Mar 2022)

Seán Fleming: I understand what the Deputy has said. One of the key elements of what we propose builds on the original legislation, the Private Members’ bill drafted some time ago. It goes without saying that the longer the period a person has a loan from one of these moneylenders, the more interest he or she will pay over time. One of the proposals we suggest is the loan would be restricted to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Credit (Amendment) Bill 2018: Committee Stage (9 Mar 2022)

Seán Fleming: Many people have talked about the APR of interest in this debate. It is not appropriate when we are dealing with loans of a duration of fewer than 12 months, which are covered in the Bill we will be discussing later. Some loans might only be for three months or six months, and one cannot do the equation of an annual interest rate on a loan that is not an annual loan. Generally, and the...