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

As the Deputy is well aware, the reason we have the legislation is that there are many products on the market and many of them are above the cap that both the Deputy and the Government propose. The net effect of the legislation and even the legislation we will bring forward this evening will be an average of a 13% reduction in the current interest rate. Many moneylenders charge 60%, 70% or 80% and way above that. There will be a cap when this process concludes. Many people will see a significant reduction in the interest they pay on the loan under both caps proposed here.