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 figures, at the end of 2020, the moneylending sector had over 283,000 customers with €141 million in outstanding loans. Resear…

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 will reflect on the points raised and give further consideration, in consultation with the Central Bank and the Office of the Atto…

The Opposition-----

What is being proposed-----

I am in the middle of making a point.

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

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%.

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

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, whichever is being introduced by this legislation, is it will represent an actual reduction on the amount on the average loan that is out there today. It will also mean that the…

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).

I am delighted to have the opportunity to take part in this debate. This is my second visit to the Seanad in a week to discuss credit unions. I am encouraged to see the work of the credit union sector being given such prominence in public debate. I watched with interest the Seanad debate on the future of banking that took place in May 2021. I noted at the time that the role credit unions can play in community banking was raised many times during the debate. My aim and the aim of the Government is to assist the cred…

I thank all the Senators who have contributed to the debate. It is clear that everybody who has spoken has a deep personal knowledge of, interest in and commitment to the credit union movement. We are reflecting this in the programme for Government. For the first time ever, a Minister of State has been given dedicated responsibility for the credit union movement. I have mentioned the number of engagements I have had with the movement. The Department was working and receiving submissions through all of the last year…

I am very pleased to discuss the issue of credit unions and I thank the Senator for raising it. He has a long-term interest in credit unions. He has raised this matter often in the past and will no doubt continue to do so because they have such a key role in Irish society. I look forward to a longer debate on credit unions taking place in the House on 2 March and I know the Senators present will contribute to that debate. The Government recognises the importance of credit unions and the programme for Government con…

I should have made clear in my opening reply that the Central Bank makes decisions on regulatory matters and is independent of the Government and the Department of Finance. That is well established but I wanted to reiterate it. The regulations developed by the Central Bank, which were updated just two years ago, provide substantial capacity for credit unions, in particular larger ones, to grow their mortgage markets. In the past year, the Central Bank has approved two groups to provide credit union funding to appro…

I propose to take Questions Nos. 17 and 28 together. As the Deputy is aware, insurance reform is a priority for the Government, with the establishment of the office to promote competition in the insurance market representing an important action within the overall reform agenda. One of the roles of the office, which I chair, is to engage with insurance industry stakeholders. The office held more than 60 meetings with a wide range of groups in 2021 and earlier this year. The Deputy referred to a particular sector. Fá…

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 receive notifications of their renewals. People who have been charged what I would call a loyalty penalty up to now, from mid-May o…

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 year. All of the claims going through the Personal Injuries Assessment Board, PIAB, are stood over by the Government and PIAB, and…

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 existing insurers in the Irish market and explore opportunities for new entrants to help increase the availability of insurance. Th…

I move: That Dáil Éireann approves the following Order in draft: Technological Universities Act 2018 (Section 36) (Appointed Day) Order 2022, copies of which have been laid in draft form before Dáil Éireann on 29th November, 2021.

I move amendment No. 1: To delete all words after "That Dáil Éireann" and substitute the following: "notes: — that the annual rate of consumer price inflation, as measured by the European Union's Harmonised Index of Consumer Prices, has picked up sharply in recent months, reaching a multi-decade high of 5.7 per cent in December; — that the recent increase in inflation is partly a result of temporary factors related to the pandemic, which are expected to ease gradually over time; — that the key drivers of inflation …