Ms Gráinne McEvoy:

As the Deputy will be aware and as I mentioned it in the opening statement, the legislation as it currently exists does not give the Central Bank the power to impose statutory limits on interest. From our perspective, our approach in terms of supervising this sector has always been proportionate and robust, but we have focused on greater transparency, that is, making it clear to the consumer the high-cost nature of these types of loans, what one would be paying back over the length of time of the loan and any charges that may apply in that context. From our perspective, the approach we have taken has been very much around transparency and increasing awareness. We have also imposed quite a lot of requirements on moneylending firms in terms of how they engage and interact with consumers in terms of being proportionate, being aware of their marketing strategy and engaging in a sympathetic manner with consumers who are experiencing financial distress.

We can stand over the regime we have. The law at present does not allow the Central Bank to intervene and impose caps, either on interest rates or APRs.