Mr. Joe Walsh:

Deputy Fleming got off lightly. It is a pity that the increase in interest rates on credit cards had to be introduced, especially in Christmas week. Bank of Ireland has approximately 500,000 credit cards in circulation. Approximately 91% of those are active. The vast majority of people pay what they owe on their credit cards each month. Under those circumstances people get 56 days interest-free credit. In addition, there is no annual account fee or transaction fee for purchases at point of sale. Neither was there an increase in the rates paid by those with student cards. On the Clear credit card – 4% of accounts - the increase rate will increase by 4%. The Classic credit card – 12% of accounts – will increase by 2% and the remaining personal credit cards will increase by 0.7%.