Maurice Cummins (Fine Gael)

I noted recently that some legal moneylenders are allowed to charge rates of up to 169% APR on small loans. Those loans are aimed at vulnerable sections of the community, many of which have been hit by the 16 social welfare cuts announced before the last budget. This should be investigated as a matter of urgency, either by the Minister for Finance or the Irish Financial Services Regulatory Authority, because we should not have such exorbitant rates. It is bad enough having illegal moneylenders charging exorbitant rates but when those rates are legalised, it is absolutely disgraceful.