TV puts spotlight on loan sharks scandal

December 1985

Wexford’s money-lending scandal was raised in the Dáil yesterday (Wednesday) just twelve hours after R.T.E.’s ‘Today Tonight’ programme highlighted the situation. Fianna Fáil T.D., Hugh Byrne, asked the Minister for Justice to begin an investigation into the money-lenders’ ‘blood-sucking tactics’.

It was also learned yesterday that Gardaí are to start their own investigation into both legal and illegal money lending in the town. This follows a formal complaint to Supdt. Dan Kenny from the Wexford Branch of the Workers’ Party.

Earlier in the day, Gardaí had been criticised for their low profile on the issue. Deputy Byrne had said the actitivites of the money-lenders bordered on the criminal and yet the Gardaí had turned a blind eye. It was understandable why borrowers were so afraid of the lenders, he added.

His Fianna Fáil colleague, John Browne T.D., said money-lenders operating without a licence and charging exorbitant interest rates should be behind bars.

The ‘Today Tonight’ hour-long special in Wexford generated tremendous interest in the town. Many people said yesterday that they were aware of the problem but hadn’t realised it was so serious. There was particular outrage that interest rates as high as 280 per cent were charged to borrowers.

Among those whose activities were featured on the programme were [SEVEN NAMES WITHELD].

On Wednesday morning, Hugh Byrne referred to the programme in the Dáil and asked what action the Minister for Justice planned to take following ‘the startling revelations’. The question was ruled out of order, but Mr Byrne said he planned to put down a special motion for the afternoon, and was hopeful that it would be debated.

Mr Byrne hit out at the blood-sucking tactics of the lenders and said he knew of a number of cases where money-lending was the root cause of marriage break-ups. It was causing severe tension in many other households and he had been asked on several occasions to clear debts.

He said the lenders were playing on the ignorance of the community and the tactics of the people involved were ‘lower than a snake’s belly’. ‘People are afraid to answer the door to them,’ he said.

‘I urge people to deal with credit unions and keep away from these jokers. I know people who have become involved with four money-lenders to pay off an original debt.’

Worker’s Party Councillor, Michael Enright, said the penalties for a beach of the Money Lending Act are hopelessly inadequate, with a small fine for a first offence and a maximum three months in jail for a second. And he added that a money-lender who traded as a limited company could not be imprisoned under the Act.

Mr Enright hit out at the ‘loan sharks who are a cancer that will destroy the community’. They must be confronted, he said, because their