Seán Fleming (Laois-Offaly, Fianna Fail)
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On the question raised by the Deputy on late payment penalties, we are dealing with the APR as taking all the costs of credit into account. It is on the basis that the contracts are implemented and honoured. This legislation does not deal with situations where there is a default in those payment arrangements. To my knowledge, it does not give comfort to people who default on their loan or finance agreements. It is strictly based on the APR, which is based on taking the total cost of credit to the consumer expressed as an annual percentage rate into account. It does not cover mechanisms to deal with defaults in the contractual arrangements.