Mr. Bernard Sheridan:

It is too much to expect borrowers to take these type of actions. It is the responsibility of the Central Bank in the context of annual licensing to address the issue of excessive interest rate charges. The issue is addressed case by case. Whether this should be provided for in law is a separate issue. In my view, it is too much to expect borrowers to take on a provider of credit to them.

In regard to the Senator's comment around secrecy in regard to whether one is dealing with a moneylender, the Central Bank requires companies to display their licences. Also, under law it must be clear from a credit agreement that such is a moneylending agreement. We have tried to improve transparency through making the registers available and being more upfront about the types of products on offer. We do not necessarily want to promote one sector over another, particularly the moneylending sector. We try to strike a balance. However, there may be something to what is suggested by the Senator in terms of people being entitled to know when entering a premises that they are dealing with a moneylender.