Oireachtas Joint and Select Committees

Tuesday, 16 February 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Consumer Credit (Amendment) Bill 2018: Discussion

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have one question before we finish.

Both groups of witnesses are supportive of a cap and a tiered approach to that cap. When introducing this legislation, we made it clear to Government that we chose the 36% rate because that was the law before it was abolished many years ago. This is all up for discussion and I, as the sponsor of the Bill, am open to engaging with Government about what the appropriate rate should be. Part of this pre-legislative scrutiny is trying to determine that. What do the witnesses believe the ultimate cap should be? It is not the tiered, first, second, third or fourth step but where we should end up. Should it be between 30% and 40%, should it be higher or should it be lower?

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