20 February 2017

Labour spokesperson on Finance and Education, Joan Burton TD, has called on the Governor of the Central Bank to investigate ‘Fear of Missing Out’ loans as advertised by Bank of Ireland in Dublin City University.

“These FOMO loans by Bank of Ireland are completely irresponsible. The messaging behind these loans send the wrong message to students who may never have taken out a loan before and don’t understand the weight of these consequences.

“These loans are encouraging students to take out €100 loans through text message so they can attend social events. While attending college and the social events that come with it are exciting, banks such as BOI should know better and they shouldn’t be taking advantage of the exuberance of youth.

“The FOMO loans and the messaging attached to them are reminiscent of pay day loans. These kinds of loans are a dangerous route.

“I have contacted the Governor of the Central Bank to ask him to investigate these loans.

“Banks on college campuses would be better placed educating young people about the financial responsibility that comes with taking out loans instead of encouraging reckless behaviour that could have lasting effects on credit ratings of young people.”

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