Séamus Brennan (Dublin South, Fianna Fail)

I am concerned that some lone parents and other welfare recipients appear to encounter considerable difficulties in opening accounts with banks and other financial institutions. As a result, they are often obliged to obtain loans at higher interest rates from finance companies outside the mainstream or from moneylenders. As I indicated, representatives of the Irish Bankers' Federation have responded to my concerns this week. These are issues of serious concern and I did not pull any punches in making this clear to the IBF.

I will meet ESB management shortly. The report points out that some ESB charges are up to 22.9% for credit purchases on certain products. I am informed that lenders who charge an interest rate of 23% must apply for a moneylender's licence. It is a source of concern that there are currently 50 licensed lenders who may charge more than 23%.

See this speech in context