John Gerard Hanafin (Fianna Fail)

I call for a debate on credit institutions, particularly after the recent statements by the Minister for Social and Family Affairs on those who do not qualify for credit being forced to go to moneylenders who charge exorbitant amounts. This year's Nobel Peace Prize winner, Muhammad Yunus, arranged a microcredit scheme for the poorest of the poor communities, through his Grameen Bank. The scheme has a 96% to 98% repayment rate on its loans. This is largely due to peer pressure in that the loans are organised by the community for the community.

It must be possible for the Government to set aside a certain amount of money for community groups to be able to lend out small amounts of money. The Grameen Bank charges an interest rate of 16%. Unfortunately, in Ireland interest rates with moneylenders can be as high as 30%. Now is the time to outlaw such exorbitant rates being charged against vulnerable people, particularly when the ECB's rate is no more than3.5%. We must look for justice for those who may have a fine record of repayment but are unfortunately caught by the credit institutions.