Denise Mitchell (Dublin Bay North, Sinn Fein) | Oireachtas source

I welcome this Bill presented by Deputy Pearse Doherty. As we approach Christmas time, many families across the State are turning to these moneylending companies in order to ensure that their families, and in particular their children, have a special Christmas. This, however, is not something that is unique to the Christmas period. If the car breaks down or the washing machine needs to be replaced many are turning to moneylenders because the high cost of living means many families are living from pay cheque to pay cheque. Unfortunately, the huge interest rates charged by these organisations are driving people further and further into debt. I note that one moneylender based in south Dublin was given a moneylender's licence by the Central Bank in July that allows it to charge 287.72% interest, including collection charges. That is, quite frankly, disgusting.

These companies, charging these disgraceful interest rates, are leeches. They are preying on the most vulnerable in society to line their own pockets. Who are the ones who get stuck in this cycle of debt? The research shows that it is mainly women from low income households and lone parents. Once again, working class women are bearing the brunt of this Government's inaction. There are plenty of other countries in the EU which have placed caps on moneylenders' rates. In fact, we are out of step when it comes to protecting the consumer here. We are one of only seven EU states that have allowed moneylenders to charge whatever they want with no cap.

I hope Deputies from across this House will support this Bill and ensure that some controls are placed on these organisations which make profits from people in desperate situations.

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