Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Yesterday, the Centre for Co-operative Studies at University College Cork published a report on behalf of Social Finance Foundation. It reminds us that moneylenders are licensed to charge interest rates of up to 187%. Those rates exclude collection charges. When the latter are added in, the figure rises to 287%. This is more commonly known as the average percentage rate, APR. A total of 21 of the 28 EU countries apply caps on high cost credit. This includes us but the only cap we apply is on credit unions. We do not apply any cap to moneylenders. This is why during this time of year, and it happened at my house last week, moneylenders go door to door delivering leaflets, playing on the vulnerabilities of people coming up to Christmas and charging these extortionate rates of 187% APR before collection charges are applied. Six years ago, I brought legislation to the House and the Tánaiste's party and the Labour Party voted it down. That legislation would have introduced caps on moneylenders. Given that nothing has changed in the interim, will the Government look at introducing caps on moneylenders so they do not get away with this extortion any longer?

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