Fiona O'Loughlin (Kildare South, Fianna Fail) | Oireachtas source

There is a reference in the programme for Government to the establishment of a personal micro-credit scheme. I speak from the experience of my town in Newbridge, which has not had a credit union for several years. Vulnerable people seeking small loans have had to turn to moneylenders, with disastrous financial consequences. My understanding is that a commitment was made to set up a task force. Several pilot schemes were carried out involving credit unions, including Portarlington Credit Union, with great success.

There is a thriving licensed moneylending scheme in this country. People are being charged up to 189%. This is completely wrong. As far as I understand, Ireland is the only country in Europe that allows this.

We must adopt a policy that prohibits very high interest rates by implementing a restriction on the overall cost of credit. Will the Government introduce a such a policy and, if so, when will this happen? When will the promised task force be in place?

See this speech in context