Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

The key issue is the doubling of interest rates. We heard this was a policy matter at the time. We felt the impression was given there would be some level of regulation of vulture funds and there would not be runaway interest rates. The problem with these Ulster Bank ones is that with the previous ones every Deputy and anyone around heard that people’s interest rates doubled overnight. There are people now on 9%. I think that is the question. I asked Gabriel Makhlouf when he was before the committee if the Central Bank had the power to halt that. He said no. I asked would he want to have the power and he said no. How do we stop this? It is a real problem. I know the framework is there but it does not deal with that key issue of doubling or tripling interest rates.