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Dáil Éireann debate -
Wednesday, 19 Feb 1969

Vol. 238 No. 9

Ceisteanna—Questions. Oral Answers. - Friendly Societies Interest Rates.

57.

asked the Minister for Industry and Commerce the maximum and minimum rates of interest permitted to be charged by Friendly Societies.

The Friendly Societies Acts, 1896-1966 do not lay down any maximum or minimum rates of interest which may be charged on loans issued to members of societies registered under those Acts.

Would the Minister have any information as to what the normal rate of interests is?

I understand that in the case of those societies who do grant loans to the members the rules disclose that the interest rates charged vary between 6½ per cent and 16¼ per cent, depending mainly on the period of repayment.

Would there be any truth in statements made to the effect that interest as high as 33? per cent has been charged?

No. At least the information available to me would indicate that this is not true.

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