Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

In the package of measures announced in the budget the most beneficial one from the retail trade point of view is the cutting of the fee that banks charge on credit card transactions. My estimate is that is worth about €37 million to the retail sector not in a transfer from the taxpayer but in a transfer from the banks and the finance houses. That is beneficial. I am advised that 9 December is a date that the industry has selected following EU regulation. I have no role in setting the date so we cannot change it here.

Caps are being introduced on debit cards by Visa which will limit the total charge on debit cards to €1. That is additional information.