John Gerard Hanafin (Fianna Fail)

I am seeking a debate on credit institutions. The Central Bank has recognised a practice where these credit institutions allow young people to borrow large amounts using one-off bonuses that may or may not continue over time. This means the people in question are extending themselves far beyond what they would normally undertake in light of the low interest rates. However, due to the breach in the Stability and Growth Pact, there is a strong threat of a rise in interest rates. It would be good if this House could put down a marker for young people and have a debate on this issue that would explain the dangers that could arise. This would also warn the credit institutions not to allow young people to over-extend themselves. On a borrowing of €200,000, a 1% increase could cost a lot of money and put people in trouble. We have a duty to warn people of this.