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Dáil Éireann debate -
Tuesday, 29 Nov 1988

Vol. 384 No. 8

Written Answers. - Moneylending Interest Rate.


asked the Minister for Finance the maximum rate of interest which can be charged on an annual basis, based on the present state of the money markets by (i) moneylenders, including credit companies, (ii) banks and (iii) credit card companies.

The interest rates chargeable on money-lending are governed by the Moneylenders Acts, 1900 to 1933. I have no function in relation to these rates of interest.

There are no maximum rates of interest specified by statute in relation to the other bodies referred to in the question. However, the Central Bank has agreed arrangements, in consultation with the Associated Banks, which entail a maximum permissible prime lending rate (AAA overdrafts) for such banks. This maximum rate varies from time to time with the trend in money market rates. Other Associated Bank lending rates are also subject to conformity with parameters set by the Central Bank; these parameters reflect the current structure of interest rates.