Kieran O'Donnell (Limerick City, Fine Gael)
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I thank Mr. Sheridan for his presentation. I will cut to the chase. The figures provided are disturbing.

Mr. Sheridan stated:

There has been some public discussion in this regard about introducing an industry-wide cap on the rates moneylenders can charge. Lower interest rate ceilings could be ineffective and counterproductive in this regard and may result in excluding low income households that have repayment capacity, even at the high rates charged by licensed moneylenders.

From what I can see, this is the poor man's bank with exorbitant interest rates. To cut to the chase, people may have little choice other than to use it. The annual percentage rate mentioned was between 23% and 188%, which is an incredible difference of 165%. It goes up to 287%, which would leave 264% of a differential, which is even more incredible.
Has consideration been given to the cost of funding to these moneylenders and how they formulate their APR? Typically, what would be the relevant APR for money borrowed from a credit union or other typical lenders? I note in the survey with regard to the licensing process that moneylenders are effectively nationwide. Of the 40 operators, 27 operate in all 25 districts. Are they operating a cartel?