andMr. P. Browne asked the Taoiseach the total amount of money involved in hire purchase transactions throughout the State for the first half of the present financial year.
Ceisteanna—Questions. Oral Answers. - Hire Purchase.
8.
The total debt outstanding (including interest charges) of hire purchase transactions and credit sale agreements was £57.50 million on 31 March, 1969, and £63.45 million on 30 September, 1969—a net increase of £5.95 million. Particulars of new hire purchase transactions and credit sale agreements during a period are available only on an annual basis.
Will the Parliamentary Secretary say what restrictions, if any, are imposed on the hire purchase system? Are the Government aware that many hire purchase transactions are charged at exorbitant interest rates and that agriculturalists and others are paying more than 30 per cent interest rates for agricultural equipment and machinery? Surely it is out of place for the Department or the Government to sit idly by and allow extortionists get away with this? We had a great deal of talk about moneylenders——
We cannot have a speech on this. The Deputy is making a speech on the question.
I cannot accept that 30 per cent is a normal interest rate particularly in regard to agricultural commodities where the Agricultural Credit Corporation are making credit available on particularly favourable terms to farmers.
If they can get it.
Would the Parliamentary Secretary not agree that many of these people are not aware that the rates of interest chargeable are in some cases more than 30 per cent?
Question No. 9.