Tom Shehan (Fine Gael) | Oireachtas source

In the run-up to Christmas, when people are financially stretched and stressed, I reiterate that they should not go to loan sharks. I do not refer only to illegal loan sharks but also to those who advertise everyday. I love the small print at the bottom of their advertisements to the effect that they are regulated by the Central Bank of Ireland. They absolutely pulverise the people who approach them for small, short-term loans to get over Christmas with the punitive interest rates they are obliged to pay back. In addition, I ask the Leader to bring in the Minister for Finance, if possible, to have a discussion on this issue because being regulated by the Central Bank of Ireland should not give such companies a free hand to do as they please. Moreover, as credit card interest rates are regulated by the Central Bank of Ireland, that institution has a question to answer in this regard. However, I reiterate the advice that people should go to their credit unions where they will be looked after and to please stay away from loan sharks, both regulated and unregulated. I also call on the Leader to arrange a debate on some of the bodies regulated by the Central Bank of Ireland, including credit card companies, and the punitive interest rates they charge.