No illegal moneylender successfully prosecuted in past seven years

Nobody has been successfully prosecuted for illegal moneylending in this country over the past seven years, even though it is believed the practice is rife across the country.

A person found guilty of moneylending without a licence is, in the district court, liable to a maximum fine of €3,000 or a maximum imprisonment of 12 months or both. On conviction in one of the higher courts, they are liable to a fine of up to €100,000 or jail for up to five years.

Moneylenders operating without a Central Bank licence can be prosecuted under Section 98 of the 1995 Consumer Credit Act.