Ms Caroline Fahy:

There was a recent report by the Central Bank that recorded very high levels of satisfaction among customers of moneylenders. Despite the fact that interest rates are so high, they provide a service that people who cannot access credit from another source need because they have such a low level of income and cannot make ends meet. Having said all that, the cost of moneylender loans is extortionate and people tend to prioritise such loans over others because they often have a good relationship with the moneylender and want to maintain it to ensure access to future loans.