HC Deb 18 March 1892 vol 2 cc1186-7
MR. LEA (Londonderry, S.)

I beg to ask the Attorney General for Ireland if his attention has been drawn to a circular of the Express Bank, with offices at 121, Stephen's Green, and 32, York Street, Dublin, in which the following statements, among many attractive paragraphs, appear:— A promissory note is signed by you for the exact amount of your advance, plus the stamps, and is payable with interest at the rate of 60 per cent. per annum at such time as is therein specified, so that you receive the exact amount, and repay it along with interest calculated at said rate up to period of payment. We have been asked, 'Cannot you have a sliding rate between the bank rate and 60 per cent. per annum rate?' The Director, after an experience of 31 years, says 'No. The National Discount Company and others have tried it and failed;' and whether any legal means exist of preventing such a high rate of interest as this; and, if not, whether the Government can take steps to prevent the enforcement of such a claim for interest, especially in the case of purchasers under the various Land Purchase Acts?

THE ATTORNEY GENERAL FOR IRELAND (Mr. MADDEN,) Dublin University

My attention has been called to this circular by the question of the hon. Member. It is a matter in regard to which the public must protect themselves. The law has in recent years placed no limit to the amount of interest which a person of full age may undertake to pay.