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Dáil Éireann - Volume 263 - 15 November, 1972 Ceisteanna—Questions. Oral Answers. - Bank Credit Cards. Dr. O'Connell Dr. O'Connell 33. Dr. O'Connell asked the Minister for Finance whether he will consider taking steps to prevent banks from issuing credit cards to customers who have not requested them, in view of the fact that their issuance will not be helpful to measures aimed at curbing or containing inflation. Mr. Colley Mr. Colley Mr. Colley: I do not propose to take action on the lines suggested by the Deputy. There is no evidence to suggest that the use of credit cards is contributing to inflation. Dr. O'Connell Dr. O'Connell Dr. O'Connell: Does the Minister not think it inadvisable that unsolicited credit cards should be issued? Is this not a dangerous situation to create? Mr. Colley Mr. Colley Mr. Colley: My concern as Minister for Finance relates to the total amount of credit available rather than to the methods by which it is made available. That is as a general principle. The fact is that the scheme to which the Deputy referred comes under the general credit control of the Central Bank. It is just one form of credit as against another. Dr. O'Connell Dr. O'Connell Dr. O'Connell: Where cards are not solicited does the Minister not agree that it is not a good practice? Mr. Colley Mr. Colley 1667 [1667] Mr. Colley: That is a matter outside my function as Minister for Finance. Dr. O'Connell Dr. O'Connell Dr. O'Connell: Does the Minister not think it is an inducement to spend money unnecessarily? Mr. Colley Mr. Colley Mr. Colley: There are many inducements to people to spend money unnecessarily. Mr. P. Barry Mr. P. Barry Mr. P. Barry: Have the National Prices Commission any say in these credit cards or were they applied to? Mr. Colley Mr. Colley Mr. Colley: I do not think this is a matter that would come before the National Prices Commission. Mr. P. Barry Mr. P. Barry Mr. P. Barry: Would the Minister agree that 18 per cent is a pretty high rate of interest? Mr. Colley Mr. Colley Mr. Colley: It is not unusual in cases of credit of this kind. It is quite usual in hire purchase. These rates of interest are quite common. People may not realise that, but it is a fact. Dáil Éireann 263 Ceisteanna—Questions. Oral Answers. Bank Credit Cards. Questions 19721115
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