Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Ms McEvoy mentioned the cap again. I signalled to the committee previously that it is my intention to move away from an absolute cap, as drafted in the legislation, to a multiplier of the cost of credit, which, in respect of her opening statement, would be in line with the Central Bank, the Social Finance Foundation and other organisations that have given their insights into this issue. My intention, therefore, is that the cap would be a multiplier of the cost of credit in the market. Can the Central Bank provide the committee with information regarding the cost of credit for short-term loans from the retail banks and credit unions? Is it possible for the Central Bank to do that? For example, could it be done for loan terms of zero to 12 weeks, 12 to 26 weeks and then 26 to 52 weeks, to enable us to use that information in our consideration of this legislation on Committee Stage? Is it possible then for legislation that would allow, for example, moneylenders to charge up to three times the cost of credit in the market, as defined by the Central Bank at any given point in time? Is that an appropriate or better way to deal with forms of restrictions on high-cost credit?