An inspection carried out by the Central Bank has found that licensed moneylenders are generally complying with guidelines for the sector.
An inspection carried out by the Central Bank has found that licensed moneylenders are generally complying with guidelines for the sector.
The Central Bank conducted inspections in 11 of the 46 licensed moneylenders operating in Ireland, focusing on the interest rates being charged and whether firms had their licences on display.
The bank said there was a high level of compliance overall, with consumers being charged according to moneylenders' authorised rates. The inspections also found that firms had their licences on display and informed customers of the high-cost nature of their loans on the relevant documentation.
The Central Bank said some minor administrative errors were being followed up with individual companies. A code for moneylenders came into effect on January 1 2009.
