asked the Minister for Defence if he is aware that a number of soldiers are borrowing on the strength of their gratuities and that in many cases the rate of interest on these loans is exorbitant; and, if so, if he will introduce legislation to prevent the interest exceeding the current bank rate.
Ceisteanna—Questions. Oral Answers. - Interest On Loans to Soldiers.
I am not aware that a number of soldiers are borrowing on the strength of their gratuities. The rate of interest on loans is governed by the Moneylenders Acts, 1900 and 1933, and I do not propose to recommend to the Minister for Justice that legislation should be introduced to prevent this rate of interest from exceeding the current bank rate.