Dáil debates

Tuesday, 5 February 2019

An tOrd Gnó - Order of Business

 

3:50 pm

Photo of Leo VaradkarLeo Varadkar (Dublin West, Fine Gael) | Oireachtas source

The Deputy will be aware that her party's legislation proposes that lenders be allowed to charge interest at a rate of 36% a year. That is a very high interest rate, but it seems to be Sinn Féin's proposal. The difficulty we have in setting any maximum interest rate, whether it be 36% or another figure, lies in the risk that doing so would drive people towards moneylenders. We need to bear in mind that if people cannot access credit on the market, it is very likely they will find other moneylenders who will provide it illegally.

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