Mr. Gavin Kelly:

Standing back and look at transactions and the way the charge is based, and from the perspective of the service we give to the merchant, there is a guarantee from both the cardholder and the merchant. The Deputy gave an example of a purchase worth 60 cent, but if it was €60, €70 or €80, or even more, the same transaction charge of 10 cent applies. We like to look at the total cost of banking. We provide a service to our customers for the price of €60 a year, which is €5 per month.

That is very good value for a service that provides 24-7 access through all our channels and services.