Last year I raised with the Taoiseach the scandalous interest rates being charged by licensed moneylenders who can charge up to 187%. On Monday, Amigo Loans – I kid you not – Amigo Loans, which I raised before with the Taoiseach, started lending here. It is licensed by the Central Bank to charge interest rates of up to 49.9%. It specifically targets people who have a poor credit history. It is daylight robbery and highlights once more the urgent need to cap interest rates as part of wide-ranging reform of the regulation of moneylenders.

In December an Teachta Pearse Doherty introduced the Consumer Credit (Amendment) Bill 2018 which would place a cap on the rates moneylenders could charge. The Government opposed the Bill, which was disgraceful, despite the Taoiseach's assurance that he would examine any legislation brought forward. The Bill passed Second Stage regardless. Will the Taoiseach now accept that legislation is badly needed? Will he move to get it on the Statute Book as soon as possible?

The Deputy will be aware that her party's legislation proposes that lenders be allowed to charge interest at a rate of 36% a year. That is a very high interest rate, but it seems to be Sinn Féin's proposal. The difficulty we have in setting any maximum interest rate, whether it be 36% or another figure, lies in the risk that doing so would drive people towards moneylenders. We need to bear in mind that if people cannot access credit on the market, it is very likely they will find other moneylenders who will provide it illegally.