Previous Central Bank research [Based on the ML Report.] found that:
• 25% of customers experienced difficulty meeting their moneylending loan repayments and, of these, 79% missed at least one repayment.
• Compared to the previous research report on this sector prepared in 2007, more moneylending customers in Ireland were holding longer-standing moneylending loan arrangements (of 5 years or more).
• 15% of customers were repaying two or more loans to their moneylender at the time of the research, with 1% having four or more loans outstanding.
• One in five consumers took out a new loan with their moneylender before another loan was paid off.
As part of its on-going regulatory oversight of the sector, the Central Bank has seen evidence of consumers with multiple moneylending loans encountering problems in repaying their loans. We have also seen some evidence of high proportions of consumers' income being devoted to paying off high cost moneylending agreements, i.e., high debt se
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