Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

Many people have talked about the APR of interest in this debate. It is not appropriate when we are dealing with loans of a duration of fewer than 12 months, which are covered in the Bill we will be discussing later.

Some loans might only be for three months or six months, and one cannot do the equation of an annual interest rate on a loan that is not an annual loan. Generally, and the Deputy has the same approach, that is why we are sticking with the simple rate based on the original amount, depending on whether the loan is for two months, six months or three years. We want to limit the loans to 12 months. That is why APR will never apply. The Deputy agrees with what I am saying. It will not be part of the legislation even though it is part of common currency when people talk about these matters. On that basis, we are not in a position to accept the amendment.