Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

I thank the witnesses for coming before the committee today. The primary purpose of today's meeting is for us to hear the view of the Central Bank on the Consumer Credit (Amendment) Bill. My understanding is that it welcomes proposals to protect consumers but has two concerns. First, it is concerned that lowering the APR may be ineffective and counter-productive and may not lower the total cost of credit. The second concern is that it may lead to financial exclusion. In respect of the first concern, what type of legislation does the Central Bank believe would be appropriate in lowering the total cost of credit in the circumstances we are discussing?