Report recommends a cap on interest rates chargeable by moneylenders

A new report recommends capping the interest rates which moneylenders can charge.

According to the Central Bank, 330 thousand people are customers of moneylending firms, with some charging interest rates of up to 200 percent.

This report by UCC, funded by the Social Finance Foundation and the Central Bank says low income borrowers should be protected.

CEO of the Social Finance Foundation Brendan Whelan says caps are in place in most countries in Europe.

"We're a bit of an outlier - 21 of the 28 EU countries have some form of interest rate regulation and the report essentially recommends that Ireland should do something similar."

Digital Desk

More on this topic

Making Cents: Consumer guide to entering PcP car loan contracts

Blockchain: Is the technology all hype or hope?

Tighter cryptocurrency rules on way

Ireland fourth most expensive in EU for food and drink, according to Eurostat

More in this Section

Three injured, two seriously, in three-car collision in Limerick

Man, 70s, arrested in connection with 1984 murder of Marie Tierney

70% increase in number of carers diagnosed with depression in last 10 years

Dublin is still the most expensive city in the Eurozone to live in


Stereolab: The right band at the wrong time

Kaleidoscope: The festival that is Electric Picnic for families

The High Priestess of Punk on 40 years in showbusiness ahead of Irish gig

Orla O’Regan: ‘I treasure the way my life has turned out’

More From The Irish Examiner