Kieran O'Donnell (Limerick City, Fine Gael)
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In the limited time I have, I am asking a very direct question. Is this model flawed? How can it be justified that these moneylenders - which for all intents and purposes are now the poor man's bank - charge up to 300% APR, when typical APR for a loan is between 7% and 10%? Even credit cards charge approximately 19%. The Central Bank is the custodian of this area so how is this allowed to happen?