Tipp Senator raises concern over moneylenders

regulation needed

regulation needed

Senator raises concerns over moneylenders

Senator Denis Landy has spoken out against unscrupulous moneylenders.

“It is my concern and the concern of the Society of St. Vincent de Paul,” he said “there is a total lack of restriction on moneylenders in this country”

Moneylenders are regulated by the Central Bank of Ireland and are provided with licences. They are using the current opportunity to squeeze money out of hard-pressed families. For example, a loan of €1,400 over 52 weeks is repaid to the tune of €2,184.

A review has been undertaken by the Central Bank of Ireland on moneylenders and the practice of moneylending in Ireland, most lenders do conform to the regulations as they are now but there is a need to regulate on the side of the borrower.

There must be a system to ensure that households are protected from overstretching themselves. These loans must be income based in order to ensure that the borrower can indeed make the repayments. Senator Landy has requested the Leader of Seanad Éireann Senator Maurice Cummins to contact the Central Bank, to apply restrictions on moneylenders, to protect the ordinary person and thus avoid spiralling into unmanageable debt.

eu regulations

Minister welcomes new roaming regulations

Junior Minister Tom Hayes, has welcomed new regulations that will combat excessive roaming fees imposed on mobile service users while travelling elsewhere in the EU.

The regulations will also enable ComReg to use all its investigative and enforcement powers to oblige mobile telephone service providers to implement retail price reductions required by the EU Roaming Regulations. Minister Hayes said: “These regulations mean that from 1 July, the price caps for data downloads will reduced by 36%, making it much cheaper to use maps, watch videos, check emails and update social networks while travelling across the EU.”