Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I will conclude. I consider it worthwhile to detail some of the work that needs to be undertaken before we take this option. We need to consider how to persuade the other approximately 50% of credit unions to take part in the PMC scheme, given it is crucial we have a truly nationwide scheme available and we currently do not. We also need to consider how to cater for individuals on low incomes who are not social welfare customers since the PMC scheme only works for social welfare recipients. We need to analyse the sector in more detail to see the impact that setting interest rate restrictions is likely to have on the various types of moneylenders. We need to examine illegal moneylending as far as we can.

I was not in this position six years ago. The Deputy's criticism is fair and it is a valid point that this should have been dealt with a lot sooner. The Deputy knows if I give a commitment, I will stand by it. I will look at this to try to improve the sector. While I cannot promise we will be able to do it in the timeframe suggested by the Deputy, nonetheless, I give that commitment.

See this speech in context