Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

My figure is only an estimate. I am not talking about 360,000 loans but 360,000 customers and I shall return to the matter later.

One of the largest moneylenders in the State is Provident. The moneylenders are all listed and rates shown. Mr. Sheridan mentioned that the highest APR rate licensed by the Central Bank has been granted to Provident. He said that the maximum APR charged, including collection charges, is 287.72%. A person can secure a loan of €500 on the Internet within a couple of minutes. If the loan is for the duration of a year he or she will pay as much as €466.60 in costs for such credit. If it is for half a year - which is a more likely term with Provident - the loan will cost €228.75. How can the Central Bank justify this situation? We know from the survey the type of social class from which the majority of people who use these companies come. The Central Bank has licensed one of the largest moneylenders in the State and left it with an ability to charge a person who borrows €500 for a term of 12 months, the total sum of €966.60. How can the Central Bank justify such action?