ICMSA calls for more information on comparing credit repayments

IRISH banking customers have access to less information than other EU small business sectors to compare the overall costs of repaying credit, according to the ICMSA.

The milk suppliers’ group wants the Government to empower the Central Bank or the Central Statistic Office to collate regular charts of comparative rates and charges, incorporating all costs. Dutch, German and Danish consumers have this information readily available.

General secretary Ciaran Dolan said: “It is impossible to get a reliable comparison on the cost of credit in Ireland. Eurostat and the ECB publish information on EU credit rates, but we need a more robust guide to the cost of credit in Ireland.