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

I thank the Minister. I welcome the fact that he is actively examining this issue. That needs to be done. Keeping the matter under review is not sufficient. The Minister now has an economic letter from the Central Bank and a detailed report from the CCPC with a number of recommendations.

The reality is that this product is currently falling between two stools in some respects. Since the contract is a hire-purchase contract, it is not a matter for the Central Bank in terms of the consumer protection code. There has to be a requirement on those providing the finance to assess the suitability of the product for the consumer. There has to be an affordability assessment. That is the key ask I am making of the Minister. A debt of €1.5 billion has been built up. The product is a really important one for the motor industry, and it is a means for consumers to get a new car. We want to protect that but the best way to do so is to ensure the product is properly regulated and that the gaps that have now been identified are filled as a matter of priority.

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