Moneylending issue a festering sore

If ever proof were needed that austerity hits the poorest hardest it is the number of people forced to borrow from moneylenders.

A Central Bank report shows that 360,000 Irish residents have borrowed from licensed moneylenders in the past year, most of them having been refused credit by other financial institutions.

Almost one third use the loans to buy clothes, electrical goods, and items of hardware for the home, while 23% use them to fund family events like First Communions.