217 Deputy Joan Collins asked the Minister for Finance in the context of disagreements between a borrower and a lending bank, and with regard to reasonable requests by borrowers to see the original documentation governing the alleged agreement between the borrower and the bank in such circumstances, if it is reasonable that a borrower should be entitled as of right to see the original signed contract that allegedly exists between their financial institution and themselves; if there is a requirement in law or financial regulation in Ireland that original documentation be retained by lenders, or if it is more typical that a bank retains electronic files only, while offsetting or getting rid of the original documents; in the event that a bank is asked to validate a debt that it asserts that it is owed, the documents it is obliged to produce in order to prove that debt; in the event that the original documentation is not available to the borrower, is if that borrower is entitled to an invoice detailing the precise services allegedly rendered to them in respect of which the institution is charging; and if reasonable and appropriate for a borrower to insist that the bank validates or substantiates its assertion that money is owed by the borrower, and to that end that the bank produces the necessary original documents of agreement to confirm that the alleged loan has been made and the relevant specific conditions attaching thereto. [19122/12]

Summary

217 Deputy Joan Collins asked the Minister for Finance in the context of disagreements between a borrower and a lending bank, and with regard to reasonable requests by borrowers to see the original documentation governing the alleged agreement between the borrower and the bank in such circumstances, if it is reasonable that a borrower should be entitled as of right to see the original signed contract that allegedly exists between their financial institution and themselves; if there is a requirement in law or financial regulation in Ireland that original documentation be retained by lenders, or if it is more typical that a bank retains electronic files only, while offsetting or getting rid of the original documents; in the event that a bank is asked to validate a debt that it asserts that it is owed, the documents it is obliged to produce in order to prove that debt; in the event that the original documentation is not available to the borrower, is if that borrower is entitled to an invoice detailing the precise services allegedly rendered to them in respect of which the institution is charging; and if reasonable and appropriate for a borrower to insist that the bank validates or substantiates its assertion that money is owed by the borrower, and to that end that the bank produces the necessary original documents of agreement to confirm that the alleged loan has been made and the relevant specific conditions attaching thereto. [19122/12]

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Timeline

1. 18 April 2012

   Banking Sector Regulation

   217 Deputy Joan Collins asked the Minister for Finance in the context of disagreements between a borrower and a lending bank, and with regard to reasonable requests by borrowers to see the original documentation governing the alleged agreement between the borrower and the bank in such circumstances, if it is reasonable that a borrower should be entitled as of right to see the original signed contract that allegedly exists between their financial institution and themselves; if there is a requirement in law or financial regulation in Ireland that original documentation be retained by lenders, or if it is more typical that a bank retains electronic files only, while offsetting or getting rid of the original documents; in the event that a bank is asked to validate a debt that it asserts that it is owed, the documents it is obliged to produce in order to prove that debt; in the event that the original documentation is not available to the borrower, is if that borrower is entitled to an invoice detailing the precise services allegedly rendered to them in respect of which the institution is charging; and if reasonable and appropriate for a borrower to insist that the bank validates or substantiates its assertion that money is owed by the borrower, and to that end that the bank produces the necessary original documents of agreement to confirm that the alleged loan has been made and the relevant specific conditions attaching thereto. [19122/12]

   Source: written

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• Banking Sector Regulation

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• Joan Collins · Asking member
• Minister for Finance · Minister for Finance · Addressed to

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