Ms Gráinne McEvoy:

There are a couple of points in what the Deputy said there. In the first instance, we would be supportive of any legislative regime that enhances and strengthens the protections for consumers of the moneylending sector and, indeed, right across all sectors.

It is important to note that.

Regarding the Deputy's specific question, it is also important to note some other measures that exist. For example, as I noted, the law does not give the Central Bank the powers to impose a cap. However, in our supervision of the moneylending sector, encompassing new entrants and existing providers launching new products, we have ensured we have intervened where we felt the APR was excessive. We have had success in that regard with firms reducing their APRs or, indeed, removing a product from the market. In addition, from the outset when we took over responsibility, we restricted and never allowed payday lending, which is a feature of the UK moneylending sector.

A proportionate, measured and considered response must be taken in respect of interventions, because I do not believe the Deputy or we in the Central Bank would want a situation where interventions were such that they perhaps resulted in people not having access to regulated financial services and not having the protections afforded by the Central Bank under its consumer protection regime. One has to consider this area in its totality and ensure that measures achieve the desired objective of protecting consumers.