Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The issue is that there are gaps in regulation, the key one being that the provider of finance does not have to carry out any suitability check or affordability assessment of the product for the consumer. That is the key omission, and it needs to be dealt with. There are examples of where the product is exploited. If one looks this up online, one will see advertisements stating "Leave bad credit behind today" or "Drive away in your new car now." That is an example of the consequence of these products not being properly regulated.

We are talking about a product that has amassed a total debt of approximately €1.5 billion across over 126,000 transactions. There is nothing inherently wrong with PCPs but proper suitability checks are required. The affordability of the product has to be determined. What we now have is a game of pass the parcel between the Department of Finance and the Department of Business, Enterprise and Innovation over who will take responsibility for the products. Somebody has to. It needs to be done quickly.

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