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A functioning society would have no market for moneylenders – Kenny

13 December, 2018 - by Martin Kenny TD

Speaking in the Dáil on Wednesday, on the Bill to control moneylenders, introduced by his party colleague, Pearse Doherty TD, Deputy Martin Kenny said that it is women who are more likely to fall prey to moneylenders and urged the government to withdraw its amendment to the Bill, which seeks to control loan interest rates.

The Sinn Féin TD for Sligo-Leitrim said:

“Women borrow to the car breaks down or a child is going to college or they need to get a deposit for a house. 

“The moneylender steps in to cover those expenses.

“We have been commemorating suffrage and the fact women got their rights one hundred years ago.  Economic independence for women is something Countess Markievicz and those people at that time wanted to establish.  That is what missing in all of this. 

“What we are talking about here is a debt trap, but really it is a poverty trap.  It is people in poverty who end up in these situations.  They may not think they are in poverty.  They are people who have decent jobs but cannot make ends meet because of the high cost of living in our society. 

“We should not have to be dealing with it because these moneylenders should have no market for the product they sell.  That is the reality.

“If we had a society that was functioning properly, there would be no market for this.

“The credit unions are part of the answer and we know that but the problem here is the problem of poverty.  While we know we will always have a certain level of that, unfortunately, we have far too much of it. 

“The rest of the people who sit around the Cabinet table who deal with issues of income disparity, the housing crisis, the hospital crisis, the healthcare crisis and all such matters feed into all of this for the people who are struggling the most.  It is all a reflection of all of that.” 

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