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Payday loans that charge borrowers interest rates of nearly 6,000% could soon be available in Ireland. The controversial British firms – who give short term credit at extortionate interest rates -are said to be looking at expanding to Ireland.

Central bank chiefs are to be urged by TDs to prevent a similar set up as is in place in Britain and tomorrow, Professor Patrick Honohan will appear before the Dáil’s finance committee to discuss the problem and look at how it became a political scandal in Britain.