Consumer Credit (Amendment) Bill 2022: Committee and Remaining Stages
Seanad Éireann — 2022-06-22
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Fintan Warfield (SF), Cultural and Educational Panel

I thank the Minister of State for his lengthy response. The interest rate restriction that we have proposed in this amendment is one that the moneylending sector can bear as it moves towards a more digitised and professional business model through which its labour costs are reduced. Our amendment ensures that the total cost of credit that a moneylender can charge would reduce from six to three times the average cost of credit on an equivalent credit union loan. I am disappointed that the Minister of State will not accept the amendment and I will press the issue, but I appreciate his lengthy response.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2022-06-22/debate/main
Retrieved: 2026-08-27T06:54:40+00:00
Sitting date: 2022-06-22