Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

That is the scale of what is being proposed in terms of where we are with the de facto rate that is out there at the moment - the interest rates being charged - and what will come in under the new legislation. There is a difference between what the two sides of the House are proposing, but the message going out that everybody needs to hear is that regardless of which rate is introduced through this legislation, it will represent an actual reduction on the average loan that is out there today. It will also mean that the crazy-high figures will be brought down dramatically by whichever measure we chose to adopt. I look forward to teasing these matters out on Committee Stage because I know the Deputy is very keen to discuss these issues. I wanted to make those points in relation to the legislation. I look forward to continuing the debate in the context of amendments on Committee Stage.

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