Marc MacSharry (Fianna Fail)

I join other Senators in mentioning some high profile cases of illegal moneylending that have come to the fore in recent days. I raised this issue some years ago as a problem in Sligo, while a "Prime Time" programme was made about it in the past 12 months. It is a serious problem that touches every community in Ireland, yet nothing is being done about it. Some draconian measures need to be introduced by the Department of Justice and Equality, whereby a conviction can be secured by the sworn testimony of a Garda superintendent. Everybody knows who the illegal moneylenders are. Everybody knows where they are lending, how much they are lending and the damage they are doing to society. Frankly, it is time the Government took action and introduced such legislation. I ask the Leader to raise the issue specifically with the Minister for Justice and Equality in the hope that, once and for all, Irish society can be rid of the scourge of illegal moneylenders.

We will bring forward a Bill in the early autumn to seek to bring down the maximum interest rate chargeable by legal moneylenders. There are licensed lenders giving out unsecured loans and charging up to 200%. When people are put under pressure to pay back the money at these rates, they are, in turn, forced to turn to illegal moneylenders. As is often the case when independent Senators bring forward legislation, I hope this worthwhile Fianna Fáil Bill will at least be accepted on Second Stage.