Pearse Doherty (Donegal, Sinn Fein)
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Yes, I do. I was concluding with Ms O'Connor.

I echo the comments of Deputy Paul Donnelly and commend all the organisations on the work they are doing. It would be valuable for the committee to hear from them again about the overall debt situation and where people are at. We hear from the Central Bank's reports that there are surpluses in savings but there are two types of stories and, indeed, multiple stories, in society. Not everybody is in a situation where they are wondering what to do with all their savings. The organisations present, and their clients and staff, are dealing with very difficult stories and I commend their work. It is important that we hear from them again later in the year.

I welcome FLAC's submission. In his opening statement, Mr. Joyce stated that he shares some of my concerns about the Minister bringing forward his own legislation. I have been very clear on this. We first published legislation on this matter in 2013. Our job is to try to make sure there is a cap on interest rates and end the scenario where these companies can charge 288%. I do not care who does it or whether it is my legislation or the Government's. I just want it done and I do not want it delayed. However, I do not like that the Government has said it is planning its own legislation when this Bill is finishing pre-legislative scrutiny and about to go to Committee Stage, meaning it could be a number of months away from enactment. Mr. Joyce raised his own concerns about that. I appeal to the Government to work with this Bill and amend it in whatever way it wishes to try to get something through on this issue, which has gone on far too long.

Mr. Joyce also warned that a cap based on APR may not be appropriate given the uneven impact on APR as a measurement based on the terms of a loan. A number of other organisations have said the same, as has the Department of Finance. I have heard that clearly. What is Mr. Joyce's opinion on my proposed amendment, if he has had a chance to hear about it and understand it? I am proposing that we move away from an absolute cap based on APR to a relative cap based on the total cost of credit phased in over three years. What are Mr. Joyce's views on that proposal? In simplified terms, the Central Bank would develop the regulations on this. It would have to have a basket of loans that are in the market and after three years the rate could be no more than three times the cost of credit, with the Central Bank working out the interim or transitional steps within that three-year period.