Michael Mullins (Fine Gael)

It is a good day for Ireland. The country is in safe hands. We have a competent team trying to negotiate the best possible arrangement for this country. We inherited a terrible situation a number of years ago. The Minister, Deputy Noonan, should be complimented on the sure-footed, calm, competent and professional manner in which he is going about his business.

I support my colleagues who have spoken about unacceptable practices in various banking institutions that are putting pressure on their customers. I support the call for a debate in this House on banking arrangements and the mortgage issues that were raised by Senator Hayden. The regulation and operation of money lenders should be covered during that debate. It is unfortunate that many people on low incomes and poor people are falling into the clutches of money lenders. The Central Bank needs to tighten the regulations that govern this area. The largest money lending company in this country has 100,000 customers on its books. That is a frightening statistic. There are 40 licensed money lenders in this country. Numerous unlicensed lenders are operating under the radar. Some of those involved in door-to-door collections charge interest rates that are as high as 190%. They are adding to people's debt at a time when the traditional borrowing arrangements are not operating. The credit unions and the banking institutions are just not lending to people. We need to have a wide debate on this whole situation. If the credit unions do not give small loans to ordinary people, such people will fall into further debt and misery. They will be at risk of falling into the clutches of money lenders. The serious circumstances that are facing many people in this country warrant serious discussion in this House. I would like that to be included in the whole debate on banking.