Joan Burton (Dublin West, Labour)

Will the Minister for Finance send out a message to some of those entering this potentially hugely profitable market that he will seek to protect consumers? He is passing all responsibility for this issue to the Financial Regulator as though it is nothing to do with him. Will he let it be known that he will not let some of the poorest people in our society be completely ripped off by companies that may operate at a level not many degrees above that of loan sharks?

Moreover, many of these companies are offering roll-up products. Not only can customers get a new mortgage or transfer an existing one but they can also amalgamate car loans and credit card debt and even have something left over to go on holiday. We have spoken about the Central Bank's financial stability report. This is dangerous territory. Has the Minister written to the Financial Regulator and requested a meeting to discuss this issue? Will those vulnerable people who may be ripped off by these companies be left simply to pick up the pieces? Sub-prime lending does not represent a soft lending for the housing market.

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