Vol. 506 No. 5
73 Ms McManus asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress, if any, being made with regard to the proposed code of practice on transparency for credit institutions; and if she will make a statement on the matter. [15841/99]
Pursuant to her responsibilities under the Consumer Credit Act, 1995 (S.I. No. 24 of 1995), the Director of Consumer Affairs is working in consultation with the representative organisations of credit institutions in order to draw up a code of practice on transparency in relation to consumer credit charges, to which the member credit institutions of those organisations will adhere on a voluntary basis.
The purpose of the proposed code is to bring about improved transparency of interest, fees and charges by credit institutions in relation to consumer credit products or services, over and above the existing statutory and voluntary provisions, in order to more fully meet the needs of consumers, as personal customers of those institutions.
I understand that the commencement date for the proposed code is now effectively the main issue outstanding in the consultative process being led by the Director of Consumer Affairs. In that connection, I believe the director is currently exploring avenues for resolving information technology implications associated with early introduction of the code without jeopardising the Y2K preparations by credit institutions. I should like to take this opportunity to reiterate my full support for the director's initiative in bringing forward the proposed code. I would urge credit institutions and their representative organisations to join their best efforts with those of the director in order to overcome the final hurdles in reaching agreement on the code.
