Stephen Donnelly (Wicklow, Independent) | Oireachtas source

Recommendations would have been useful. While the report is a great first step and includes a large number of conclusions on the sector, it does not make recommendations. I am slightly confused by some aspects of the report. For example, I do not understand how anyone who has any choice would ever borrow from a licensed moneylender. It is barking mad to borrow money at an interest rate of 280% instead of 10%. The report appears to make conflicting statements. On page 9 we learn that 5% of the interviewees cited being refused credit elsewhere as a reason for contacting a moneylender. On page 21, however, we read that the majority of the sample stated they had been refused credit. Similarly, 84% of interviewees indicated they understood the costs. Perhaps the Central Bank will follow up on this finding because while I believe that was the finding, I do not for one moment believe 84% of borrowers understood the costs, particularly relative to alternative sources of loans. Moreover, as Deputy Pearse Doherty noted, the majority of the loans are not for short periods as 85% of respondents indicated they had been borrowing for more than one year. What is the Central Bank's top two or three recommendations, especially for Members of the Oireachtas? Based on the evidence available to it, why are people using licensed moneylenders when they have other options? Is the reason they do not understand the costs?