Dáil Éireann debate -
Thursday, 2 May 1991

Vol. 407 No. 8

Written Answers. - Moneylenders' Licences Renewal.

Joe Sherlock

Question:

47 Mr. Sherlock asked the Minister for Justice if his attention has been drawn to the suggestion made by the president of the St. Vincent de Paul Society in Cork, during a court case on 10 July 1990 in which the society challenged the renewal of certain moneylenders' licences, that interest rates being charged could in some cases be as high as 74 per cent; when the long promised legislation to update the Moneylenders Act, 1933 will be introduced; and if he will make a statement on the matter.

Minister for Justice (Mr. Burke)

I am aware of the court case referred to and of the findings of the court and I have seen reports of the comments of the officer of the St. Vincent de Paul Society.

A review of the legislation on money-lending is in progress in the context of the EC Directive on Consumer Credit, implementation of which is a matter for the Minister for Industry and Commerce. In this regard, I would refer the Deputy to the answer given by the Minister for Industry and Commerce, on 26 February 1991 to questions by Deputies Michael Bell and Proinsias De Rossa.