Ms Gráinne McEvoy:

We cannot intervene in the context of imposing caps. We have provision in law that requires the Central Bank to ensure that costs are not excessive. This is very much done at the outset when a new entrant seeks access to the market and also upon renewal. When the firms seek to launch new products we will review the product and make a judgment on the costs of that product and whether it is excessive. This is very much done in comparison to the market average and the market costs, and the costs being charged by other actors in the market.

Aside from that, I believe that if the intention is to impose a cap or to restrict the total cost of credit, it is probably best served by way of a legislative amendment.