Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Did he listen to the experts that came before the finance committee who told us that is not true and that we need to reduce this rate further? A rate of 126% APR is immoral. There is no way I am voting for the legislation, especially at a time of pressure on workers and families. The Minister of State is saying that instead of them charging €560 interest on a €1,000 loan, we are going to legislate for them to charge €480. Jesus Christ, this Minister has got your backs, folks. Interest of €480 if people take out a €1,000 loan is ridiculous. I tabled this legislation years ago. I have been frustrated at every stage. The Government has made a dog's dinner of my legislation. Every single amendment was deleted, bar the definitions. The Government has frustrated this and come forward with the argument that it would bring a Bill itself which would be better. It is absolutely terrible that the Government is going to allow moneylenders to charge this level of interest on people in society who are on very low incomes. Those people are really pressed now because of all the issues in terms of inflation. Where is the calculation? The core of the issue is how the Minister of State came up with this figure.