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A MAJOR CENTRAL Bank report has found that more than 360,000 people are using licensed moneylenders.
The most common loan amount is between €200 and €500 with people most likely to use the loans to buy goods or for major family events such as Christmas or birthdays.
While the number of licensed moneylenders had declined and rates by some can be “very high”, the report said overall rates of interest have remained largely at 2007 levels.
There report also said that some 69 per cent of people now understand the amount of interest charged on their loans, compared to a meagre 29 per cent in 2007. A report by the bank that year said that 71 per cent of customers failed to understand the amount of interest they were being charged.
The report also revealed that more than three quarters of people have been refused loans from a credit union or bank despite more than half reporting having savings with these institutions.
The Central Bank looked at the 43 licensed moneylenders across the country in drawing up the report, most of which are small or medium-sized firms which work on a local level.
The number of people using moneylenders has increased by 60,000 since the last research was carried out in 2005; however despite this, the Central Bank said that the sector “has not changed significantly”.
Loans
The report found 9 per cent of people borrow to pay bills or other debt.
More worryingly, the report also found that 15 per cent of people are currently repaying two or more loans with their moneylender.
The Central Bank said that a significant proportion – 25 per cent – of people surveyed experienced difficulties in making repayments in the past 18 months, with 63 per cent of those reporting this was caused by a drop in household income.
However most people said they believed they were being “treated fairly” when in arrears.
A majority of 65 per cent of customers reported that they have repaid a loan or line of credit early, though almost one in three of those recall receiving a rebate for doing so.
Struggling with repayments
Director of Consumer Protection Bernard Sheridan said the Central Bank will “continue to monitor this sector closely and take action where necessary to protect borrowers’ interests”.
“I would encourage consumers who are struggling with repayments on loans to seek advice from MABS who will help them consider their options,” he said.
The Society of St Vincent De Paul was critical of the report today as it failed to include any recommendations for further regulation of the sector. The society said the report “shows worrying levels of acceptance of high cost loans from customers”.
Brendan Hennessy said it also “fails to question adequately why so many people, mainly in low income groups, resort to such expensive forms of credit – people who are least able to afford high cost credit”.
- Additional reporting by Christine Bohan
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Ireland’s first purpose-built Velodrome was in fact in Waterford and built at the turn of the 20th Century. There are still some remnants left of the Velodrome in The People’s Park on the south side of the city.
Another was later built in Kanturk in Co. Cork.
@CWrex: there is an outdoor one in sundries, crumlin
@Dermot Blaine:
@Dermot Blaine: Sundrive
Strangely enough, the article doesn’t quote any price -or I missed it- and says this vanity project will be ready in 3 years only… The National Children’s Hospital comes to mind…
Have indoor cycling and badminton become majority sports overnight? Will the outcomes justify the costs?
@Jerry LeFrog: and will these underfunded athletes be paid more to sustain themselves while training “at home”?
@Jerry LeFrog: since when do we only cater fir majority sports? GAA and horse racing gobble up the bulk of our sporting budget, but minority sports, like swimming, athletics , gymnastics cycling have to be catered for too. This velodrome is long overdue, should have been built years ago
@Jerry LeFrog: Did you ever think that the reason track cycling is a minority sport is that we DON’T have a decent veledrome?? Build It and They Will Come!
@Jerry LeFrog: why worry about a little thing like money or planning as we have plenty, sure with our new railway system, Metro, Cork Luas, Cork event centre, double dole, electric help out money and whatever you want yourself you’d think there was an election due to be called
@Jerry LeFrog: This is one of the reasons why we have nothing.
@Dermot Blaine: they should have included in their plans, as the uk have done, a full standard BMX track alongside to bring that minority sport into the next level.
@Jerry LeFrog: Hard to know, although it worked extremely well for Team GB who have pretty much dominated cycling at the Olympics for years. However this is Ireland, so as you say more than likely this centre will not be built by 2027, and will cost at least twice or treple the initial cost.
@Jerry LeFrog:
Yes
@James Mcnally: that’s true. Some of the velodromes in the UK make money by opening up bmx tracks, etc, to the public. BMX facilities are hugely popular in the UK. Virtually none here, then we complain there’s noting fir the kids to do. One of the highlights for me so far in the Olympics, apart from the Irish medals, was the BMX freestyle. It’s literally incredible what they do.
Ire-land is not really a cycling country thanks a bit to the weather, but mostly because of the appalling attitude and behaviour of car drivers.
@offside again: are you trying to start a heated conversation?
I can answer with the appalling behaviour of lycra-clad cyclists: always running red lights at speed, shouting at pedestrians who cross at green man in front of them, etc. How can you demand respect when you behave like that?
I’m all for sharing the roads, I cycle sometimes too for leisure, but when I do I stop at red lights and I don’t pretend the road belongs to me alone
@offside again: go back to bed.
@Jerry LeFrog: don’t mind her Jerry she loves a bit of drama, she is stirring the pot again
@Jerry LeFrog: No Jerry, I’m not. Just stating a fact. The behaviour of motorists is worse as they can kill. I’ve never cycled in Dublin but I did in the countryside, and I stopped because of the amount of times cars flew past with inches to spare. If I had had to avoid a pothole at the same moment, I’d be dead now.
@Jerry LeFrog: lol! Lycra-clad cyclists are a small minority of cyclists. Cyclists in Ireland are putting their lives on the line cycling on Irish roads every day.
@Sean Parker: I’d say you just got out of bed ..
@Patrick K: clown
@offside again: What about that glorious generation? Sean Kelly, Stephen Roche, the Tour De France racers slamming into the hay bales that lined o Connell st. in Limerick! great times. It does be wet tho
@James T.Kirk: they’re a minority, I grant you that, but a noisy and annoying one. And their behaviour sadly reflects on all cyclists… Hence the lack of respect
@offside again: fair enough, it can be dangerous down the country, and glad to hear you’re still in one piece. Driver ignorance must also be condemned, no doubt. When driving I always give a wide berth if overtaking cyclists, to the cost of waiting 1km for a safe opportunity if needs be.
What annoys me is cyclist behaviour in town and suburban areas, constant ignoring of traffic lights etc. as mentioned before.
@Jerry LeFrog: don’t get me wrong, I’m not saying I’m perfect, far from it! Very far…
I’m just considerate of others, and I respect the Rules of the Road.
@Jerry LeFrog: that ‘lack of respect’ gets cyclists killed you know. My experiences of Ire-land is that it’s (usually bad) drivers who think they own the road and Irish drivers are not great generally. I’ve cycled the length and breadth of France without a single problem. A different culture altogether !
@Jerry LeFrog: fair play Jerry ! Your name suggests you are French, hence your considerate driving !
Mind you, cycling in Paris was wild stuff !!!
@offside again: pi$$ of ye flute
@Stephen Foster: *off
@Stephen Foster: wow ! Using chav language and being worried about spelling at the same time ! That’s a good one tbf !
I bet you’re Ire-ish ..
@Jerry LeFrog: The Lycra Posse are an embarrassment to cycling. They actually pay to wear pro jerseys with sponsors logos wgich is pathetically childish,much like their petulance towards drivers, pedestrians and mountain bikers. Funny how it’s always the road bikers bitching and moaning. I’ve never once had a problem with any driver when I’m out cycling. And I don’t mind stopping and pulling in on a narrow road to let traffic pass me , because I actually realise that I’m not a professional cyclist unlike these sad and embittered road bikers.Bunch of Karens
@offside again: how about this… Tw@t….?
@offside again: and “chav” language..? I said “piss off ye flute”….ye really haven’t a clue.
@Stephen Foster: Stephen, deal with your anger issues ! Go out for a cycle..
OMG, imagine all the people we could house in it
And back into Dublin we go again in the traffic. What is the problem with building something like this in the midlands?
@colm kelly: it’s 2 miles off the m50, on a greenfield site we own. This was supposed to be built when the sports campus was first proposed but sidelind as unneeded. We now have a cadre of high performing Irish track cyclists who once again have to train abroad. Facilities are lacking in all sports here for all sports that compete on the world stage and instead of the Dublin once again debate, we should be happy it’s being built and looking for more centers of excellence nationwide. Sport dosent stop with hurling and football or horse racing
@Spanner: the Ire-ish don’t want good things for other people. Inward looking selfish people
@colm kelly: because it’s on an already existing sport campus/centre of excellence.
Out to tender,those last famous words, well I hope there is a clawback from who energetic to build it, if there are over spends or over runs on project. Let’s remember it’s taxpayers’ money.
@Colette Byrne: who ever gets to build, not energetic. Oops
@Colette Byrne: It will probably end up being another BAM Scam.
Considering how rich this country is, we are so far behind when it comes to funding sports and the arts. We are constantly punching above our weight despite the lack of support from the government.
@Stephen Foster:
The Arts.
What a bunch of in entitled work dodgers.
They can go play with their hobbies on the weekend like the taxpayers have to.
@H Woo: imagine what the world would be like if we all had that attitude…..what a miserable git.
@H Woo: nobody ever created great art as a hobby, it always took decades of experience to build to that level. Disclosure, I work in an office am not an artist, but I am happy to support them with my taxes.
2027!!! What a joke it’s Paddy Ireland wake up it will never be done, it will be shelved when they get back into power, citing money problems as the reason it’s not being done
Great news. Good progression, but should have been built 30 years ago.
Cyclest are like dog owners that leave their Dog’s poop behind, they believe rules are for other people and refuse to follow them, then when an infringement is perceived against them they cry foul.
@Allo Allo: ignorant uneducated comment
@Allo Allo: not nice. The term cyclist covers a large number of disciplines. The vast majority of whom are commuters and yes many do disobey the rules of the road but so do many motorists, motor bikers, truck and van drivers. You can’t paint everyone with the same brush but don’t let this cloud your colourful opinion of cyclists.
Any chance of an ice rink in the Republic of Ireland no?
Will there be shuttle buses to it?
Hope it’s not another Dublin Tunnel ,or Chrildren’s Hospital,
gravytrain for TRAITORS.
Great news.
Whatever about cycling it’s a crying shame how neglected badminton is and has been .It is the most inexpensive sociable and user friendly sport imaginable .We have people playing it in parish halls all over the country and it should be very simple with support to organise county leagues ,provincials etc to be televised Without the oxygen publicity we will never see it develop ,When I said user friendly I can attest that it is a favourite sport of special needs adults and every age group out there .
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