andMr. Cluskey asked the Minister for Industry and Commerce whether he proposes to introduce legislation to regulate the use of trading cheques.
Ceisteanna—Questions. Oral Answers. - Trading Cheques.
32.
Various matters related to consumer protection including the system of cheque trading are being examined in my Department at present. Until the examination has been completed I am unable to say what action may be called for.
Can the Minister say when the results of this investigation will be completed?
It should be reasonably soon.
Within the next six months?
Yes.
How long has the investigation been proceeding?
For some months now.
Is the Minister aware that the unregulated use of the cheque trading system with all its exhorbitant collections and generally high exchange rates in operation is not in the public interest, and it does not require six months' examination on the Minister's part to be aware of this fact? Would he now warn the public that under the cheque trading system they have been taken for a long and expensive ride while people are making a lot of money out of the system?
The main aim of the investigation, apart from investigating the cheque trading, is consumer protection. It is also looking into the question of stamp trading and various sales promotion techniques or schemes. It is a wider investigation than simply looking into cheque trading. This is why it will take some more time before conclusions are arrived at.
The Minister will agree that cheque trading is an iniquitous system which affects the lower income group, as opposed to the ordinary stamps? The cheque system takes advantage of the lower income group. That is the trouble.
I do not quite accept that. Certainly stamp trading affects that, too.
May I ask a final question?
Deputy Desmond is always asking final questions. How do they become final?
Can we anticipate some legislation in respect of cheque trading? May we anticipate some tentative intention on the Minister's part——
Tentative intentions, yes, but there is no point in my coming to conclusions about the results of the investigation——
We are all adult and we do not have to come to dramatic conclusions.
I am glad to learn that because there are times when I feel that is not the case.
(Interruptions.)
Question No. 33.