Dáil Éireann Debate, Wednesday - 22 May 2013
44. Deputy Tony McLoughlin asked the Minister for Jobs, Enterprise and Innovation if his attention has been drawn to concerns that many citizens have with illegal money lenders who operate in local communities and are alleged to charge interest rates of up to 400%; and if he is considering any legislative changes to address these issues relating to the regulation of money lending as currently provided for in the Consumer Credit Act 1995. [24135/13]
View answerMoneylending is regulated by the provisions of Part VIII of the Consumer Credit Act 1995, which includes specific prohibitions on engaging in the business of moneylending without holding the required licence granted for that purpose. The Central Bank and Financial Services Authority of Ireland Act 2003 designated responsibility for the provisions of Part VIII of the 1995 Act, including responsibility in relation to granting moneylending licences, to the Central Bank. Accordingly I have no direct function in relation to these matters.
