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

5:05 pm

Photo of Arthur SpringArthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

The figures that were provided on Monday were for the GAA. Frightening figures of indebtedness are being created by people through gambling.

I wish to impress a point upon the delegation and I think they should look at it. The convenience factor is the overarching element that I do not agree with. That is why people often decide to use moneylenders rather than go to the credit unions. As everyone at the table would agree, we should always beware of people pressing their wares and coming to doors, because they do not always live up to their undertakings. Can the Central Bank stop or prohibit lenders from calling to people's houses and providing access to money under the Consumer Credit Act? If we could go down that route, it would be a starting point. The deputation can be assured of a commitment from myself and some of my colleagues in the committee who are of the same opinion that we need to examine this and get the convenience element sorted as well as the cap on interest rates.

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