Mr. Bernard Sheridan:

As I mentioned earlier, the credit unions were a potential option for some. However, the point I am making is that there is potential for people to go to the illegal sector and that is why we are careful about how we regulate the sector. Access must be a concern too. I agree with the Deputy about the rates. Would we like the rates to be lower? Measured by APR purely, there is no doubt that they are high. However, in terms of the role we play under the Act, the issue is whether they are excessive, and we do not believe they are. We are not hanging too much on the findings from the research in terms of our approach to the sector. What we are focusing on are issues such as why people are using moneylenders in a more long-term manner. Using moneylenders for short-term loans or for emergency purposes is acceptable, but if people continue to use them at such high rates of interest, we need to find out what is going on there. That is an area of concern for us.