Barry Ward (Fine Gael) | Oireachtas source

I agree with what other speakers have said about this amendment. I raised this on Second Stage. This is a very reasoned approach to solving this problem. I recognise the difficulty with enshrining into primary legislation aspects that are not necessary to transpose the directive and update the law in this area. However, I also acknowledge and agree exactly with what Senators McDowell and Bacik have said. Perhaps most acute is the fact that we talk so often in this House about encouraging people to get into politics yet we seem happy to pass legislation that makes it exceedingly difficult for ordinary people to do so. The example given was of self-employed people who are required to account for income going back ten, 12 or 15 years, which is more than the Revenue Commissioners would require if an audit were conducted, for example.It seems quite unrealistic and counterproductive. The suggestion of Senator McDowell in terms of empowering the Minister to make rules in this regard seems to be the right answer. I also call into question how effective the Central Bank is in this regard, a point I raised on the Order of Business this morning. The Central Bank acts as a regulator and should be a servant of the people and the citizenry of the country as well. It does not seem to be doing the latter well.

Senator McDowell mentioned applications for mortgages. I regret to say that I am going through such an application myself at the moment and I have been at the wrong end of trying to gather documentation to satisfy the bank even that I am who I am, notwithstanding the fact that I have been banking with the bank for over a decade. I encountered an issue with the fact that the Central Credit Register included an entry about me that should not have been there and that was incorrect. Trying to get such an entry removed takes weeks. There seems to be a glacial aspect to bureaucracy in this regard.

None of us deny the importance of having in place measures that catch everyone in terms of ensuring that everyone is within compliance with the European legislation and that in a practical sense no one can be in a situation of getting away with any of the aspects this legislation is designed to tackle. I believe we can learn lessons from what those responsible have done in UK - it is seldom I say that in this House. On the Order of Business this morning I made reference to the FBD case in the High Court last week. The Financial Conduct Authority in the UK brought the case instead of leaving it to individual businesses to take the case here. I believe there is a gap at the moment between the principle, which we all support, of enshrining procedures and practices that protect and insulate the State from the practices the legislation is trying to tackle, and on the other hand the practice that is done in a way that actually takes into account the practical implications and what effects this onerous legislation can have. Allowing the Minister to make regulations to give guidelines to the Central Bank is an effective solution. I hope the Minister will give it serious consideration.