Mr. Bernard Sheridan:

Thirteen percent of the customers who responded to the research that we conducted indicated that they were aware of illegal moneylending going on, but only 4% had actually engaged with an illegal moneylender. On the issue of the cap, I agree with the Deputy that it might be better if there were a statutory-based determination because, as a matter of policy, we determine whether something is excessive, and we are disagreeing on that at the moment.

We caution against a simple solution such as the use of a percentage. We would like people to use the basis we have adopted. As I said, we have looked at different loans and terms. One need not necessarily stick to the rates, but at least they form a basis for determining the issue as to what should be the appropriate rate.