David Stanton (Cork East, Fine Gael)

I thank the Minister for his response. Is it true that his Department issued a press release on 12 May 2006, the same one on 18 September 2006 and the same again on 23 October 2006 in which the Minister is quoted to the effect that legislation would shortly be introduced to strengthen and streamline the money advice and budgeting service, MABS? That is almost a year ago and we have had at least three identical press releases from the Minister in different parts of the country saying that he is going to do this, and we have the same today. What is the reason for the delay? Why has the legislation not been introduced at this stage? Has the work been completed? Has the Minister brought proposals to Government or what has gone wrong?

As regards the Minister's meetings with the Irish League of Credit Unions, the Irish Bankers Federation and others, what specific actions may we expect eventually from some Department of Government on this issue? Does the Minister agree with the statement in the Financial Regulator's report, for instance, that 30% of borrowing is for clothes and household items, and not as he suggested in response to a previous parliamentary question I tabled, for luxury items? Many people are now being forced to go to licensed and unlicensed moneylenders to borrow money for day-to-day expenses. I asked the Minister before whether research had been done into why this is happening in an economy which the Government claims to be one of the strongest in the world. Given that there is enormous inequality in our society, with many people being forced to go to moneylenders, will the Minister not agree something is radically wrong?

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