Oireachtas Joint and Select Committees

Wednesday, 11 May 2022

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Consumer Credit (Amendment) Bill 2022: Committee Stage

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

What is the Minister of State's view on that? It is that type of advertisement. We are aware advertising takes place in different ways now than it did in the past. That kind of leaflet drop is still a part of moneylenders' operational procedures. They are not going to drop leaflets out in Donnybrook. They target social housing estates and they target areas they believe are lower income areas. They make it very appealing to people that there is an easy fix. Given the Government is legislating for warnings around the high costs of the interest rates, does the Minister of State not feel this is a missed opportunity to prohibit that type of practice? We know of this type of lending. I am sure everyone in this House would advise people that before they go to a moneylender, they should check all of their other options, including credit unions and loan supports by the State through the credit union movement, and other retail banks. Allowing them to advertise at times of vulnerability is a mistake. I believe it is something we will have to come back and revisit in this legislation in the future.

Comments

No comments

Log in or join to post a public comment.