Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

Last year I raised with the Taoiseach the scandalous interest rates being charged by licensed moneylenders who can charge up to 187%. On Monday, Amigo Loans – I kid you not – Amigo Loans, which I raised before with the Taoiseach, started lending here. It is licensed by the Central Bank to charge interest rates of up to 49.9%. It specifically targets people who have a poor credit history. It is daylight robbery and highlights once more the urgent need to cap interest rates as part of wide-ranging reform of the regulation of moneylenders.

In December an Teachta Pearse Doherty introduced the Consumer Credit (Amendment) Bill 2018 which would place a cap on the rates moneylenders could charge. The Government opposed the Bill, which was disgraceful, despite the Taoiseach's assurance that he would examine any legislation brought forward. The Bill passed Second Stage regardless. Will the Taoiseach now accept that legislation is badly needed? Will he move to get it on the Statute Book as soon as possible?

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