The legislation governing personal loans of €200 and over is the European Communities (Consumer Credit Agreements) Regulations 2010, as amended. This legislation established common rules on consumer credit aimed at harmonising certain aspects of the laws, regulations and administrative provisions on consumer credit in the EU. It increased the transparency of contractual conditions and improved the level of consumer protection.
In addition, moneylenders must comply with the Central Bank's Consumer Protection Code for Licensed Moneylenders and the Consumer Credit Act, 1995. As the Deputy may be aware, the total number of licensed moneylenders has been reducing over the past number of years, with 41 operating in the State as at 15 July 2014. The Central Bank will continue to monitor this sector closely and will take action, where necessary, to protect borrowers' interests.
While I do not have any specific plans to introduce such a lending facility as described by the Deputy at present, any proposal in this area would have to considered in conjunction with the Department of Public Expenditure and Reform and the Department of Social Protection.