Oireachtas Joint and Select Committees

Wednesday, 29 January 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Report on Licensed Moneylending Industry: Central Bank of Ireland

4:15 pm

Mr. Bernard Sheridan:

I am not sure what point the Deputy is trying to make. Moneylenders are prohibited from offering a new loan to a person and must give the full amount of the loan to the person. They cannot reduce the amount by offsetting it against a loan already held by the person. Moneylenders are not allowed to do so under law. Whether they actually do it or not is an area of concern for us.