Michael McGrath (Cork South Central, Fianna Fail)

This is an important issue and there is evidence of considerable activity in illegal moneylending. There are 46 licensed moneylenders but an unknown number are operating illegally. They prey on vulnerable people, especially at a time when people find it difficult to access loans from banks. Credit conditions tightened considerably and more people are turning to illegal moneylenders. Is the Minister satisfied there is sufficient enforcement? The Minister referred to the penalties that apply on conviction, but I do not read about convictions in the newspaper too often. Illegal moneylending activities are taking place. Is there enough focus on enforcement?

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