Pearse Doherty TD welcomes support for legislation to cap moneylenders’ rates
Sinn Féin Finance Spokesperson Pearse Doherty has welcomed the Dáil’s support for his legislation to place a cap of 36% on the rate moneylenders can charge. The Dáil rejected a government amendment seeking to delay the Bill for twelve months.
Teachta Doherty said;
“Regulated moneylenders and are charging as much as 187% on loans or even higher if collection charges are counted in. The borrowers caught in this trap are our neighbours, family and friends.
“These rates are despicable, they have no place in the year 2018 and they had no place in 2012 when we first introduced this legislation.
“Moneylenders charging these rates simply take the money off poorer families and make them poorer.
“The Government amendment to this Bill, which sought a delay of twelve months, was not about protecting the vulnerable, it was about protecting the moneylenders. I am delighted it was defeated.
"This is a straight forward piece of legislation that would help 330,000 people who borrow from moneylenders, or 7% of the entire population of the State.
“The poorest families in the State waited long enough for us as legislators to act on this issue.
“I look forward to seeing the bill progress through the next stages and into law. It is my firm hope that this will be the last Christmas when such rip-off rates are levied on the poorest in our country.”