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

I am certainly not going to follow what the organisation representing these lenders has said but it has made a point that we have to take into consideration. I will not be guided by that body and I do not agree with a lot of what it says but its key point is that it is important to keep this industry and these lenders in the market. Achieving that is a question of balance. It is not a scientific issue. It is about striking a balance and keeping lenders in the market so they can lend money at a rate that allows them to cover their costs. It is also about making sure those who charge door-to-door collection fees are not allowed to do so. This 1% is a first step. We are not precluding a reduction of this rate at a future date. Let us start with this 1% for now as a balanced and responsible measure. When we get information from the Central Bank on the implementation and operation of the legislation, we can revisit it. The 1% can be changed very quickly by statutory instrument when we have that information. I would not like to make that move without information as to how the new legislation is operating, however. There is a net point of difference here.