Simon Harris (Wicklow, Fine Gael) | Oireachtas source

The Deputy is correct. The issue that has been raised by the Society of St. Vincent de Paul and others about illegal moneylenders is a major cause of concern for people on all sides of the House. We need to examine it. Since persons operating as illegal moneylenders are in breach of the law, it is a matter for the Garda Síochána to investigate their activities. Under section 98 of the Consumer Credit Act, the Garda Síochána has sole responsibility for the investigation and prosecution of such offences. While the Central Bank has no power in this regard, if it has reason to believe a person is operating as an illegal moneylender it refers the matter to the Garda Síochána. I strongly encourage every Member to ask that anybody who has information about the operation of unlicensed moneylenders to make the information available to the Garda Síochána, which will take all measures open to it to enforce the law in this area. Perhaps the Deputy can raise the matter with my colleague, the Minister for Justice and Equality. I will also refer to it when I next meet her. We need to examine what other countries are doing and I will ask the Minister for Finance to examine what is happening with his European counterparts. As I said in my opening statement, the legislation already in place on the issuing of a moneylender's licence allows the Central Bank to refuse a licence on grounds which include where the Central Bank is of the opinion that the cost of credit to be charged is excessive or that any of the terms and conditions attaching thereto are unfair.

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