After second reading…
A BILL to facilitate the establishment of a credit reporting industry for providing information, from a credible source, about potential debtors to creditors, will be sent to a Select Committee of Parliament for vetting.

This is at the request of Minister of Finance, Dr Ashni Singh, to Speaker of the National Assembly, Mr. Ralph Ramkarran, after he piloted the ‘Credit Reporting Bill 2009- Bill No. 37/2009’ through its first and second readings on October 29 and Thursday last, respectively.

The Minister explained that the proposed legislation going to that committee would allow for a more exhaustive examination of the aims, to enable more reliable, competitive and responsible credit lending, while protecting the rights of borrowers.

The main Opposition People’s National Congress Reform (PNCR) have walked out of the House about half an hour into the Thursday sitting after its motion was disallowed, the Finance Minister received support from Minister of Tourism, Industry and Commerce, Mr. Manniram Prashad; Ministry of Labour, Mr. Manzoor Nadir and Alliance for Change (AFC) Member of Parliament (MP), Ms. Sheila Holder.

Minister Singh said the Bill represents yet another installment of the Government’s systematic and comprehensive efforts to strengthen and modernise the country’s financial system.

He said Government has recognised that a strong, stable and sound financial system, responsibly managed and well regulated, is critical if the country is to realise sustained economic development.

Singh contended it is a prerequisite to the mobilising of savings and Private Sector investments and the Government has sought, over the years, to ensure the establishment of a legal, institutional framework that would lead to the growth and development of such a strong and stable financial system.

According to him, over the last 10 years, there has been a succession of legislation through Parliament, consistently aimed at arriving at the same objective.