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Labour Party has sided with moneylenders: Toibín

18 July, 2012

Speaking in the Dáil tonight on the Consumer Credit (Amendment) Bill 2012, Sinn Féin TD, Peadar Toibín, said that it was “a modest bill that seeks to cap interest rates on loans charged to the most disenfranchised and economically desperate of our citizens at 40%.”

The Meath East deputy said:
“It should be remembered that the group that most rely on these types of loans are the working poor.
“Last night Minister Brian Hayes outlined the government’s response. A response that is endorsed by the Labour Party,” he said.
“Ever since I was elected to this house it has been repeated ad nauseam by Labour that we in opposition have been bereft of positive suggestions. Well this PMB is the latest a series of reasonable, progressive PMBs that Sinn Féin has brought forward but have been opposed by the Labour Party.

“Well let’s look at the Labour Party record:
They have sided with the commercial landlords to maintain upward only rents.
They have delivered bailouts to the bankers;
They have sided with the developers in NAMA;
They have sided with employers to reduce the rights of low paid agency works and removed the Sunday premium; and
I suppose given that they have delivered Frankfurt’s way, it should be no surprise that they have now sided with the money lenders.

“Let them explain to the families of the 200 young people leaving daily, many who may never return, that Labour played its part in government.
“I’m highlighting Labour because we all expected better from them.
Sinn Féin can proudly stand over what we have tried to do to cap the rates of interest charged by legal moneylenders.”

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