Ms Gráinne McEvoy:

That is a very relevant question and, if I am honest, one I am quite worried about. In the first instance one needs to look at who are the users of moneylenders. There are many different types of users in that context. Some have existing arrangements already with banks and with credit unions. They may be paying back mortgages but they use money lending as an additional source of credit. Some customers will have been refused credit already by the traditional banks or credit unions, or they may have a poor credit history and would not be granted further credit by those institutions. They may have no other option than to secure sources of credit provided by moneylenders. My expectation and my wish would be that every consumer in Ireland, at all times, deals and engages with a regulated financial service provider where they have the full suite of protections afforded to them through the Central Bank's regime in this context. Nobody wants a situation where people find themselves excluded and perhaps having no other option but to turn to entities or individual firms that are not regulated by the Central Bank, and losing those protections. I believe that would be the worst possible outcome.