Oireachtas Joint and Select Committees
Wednesday, 29 January 2014
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Report on Licensed Moneylending Industry: Central Bank of Ireland
4:05 pm
Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source
In the limited time I have, I am asking a very direct question. Is this model flawed? How can it be justified that these moneylenders - which for all intents and purposes are now the poor man's bank - charge up to 300% APR, when typical APR for a loan is between 7% and 10%? Even credit cards charge approximately 19%. The Central Bank is the custodian of this area so how is this allowed to happen?
No comments