Mr. Bernard Sheridan:

The Deputy referenced a number of studies in his contribution. A European Commission study in 2009 looked specifically at bank charges rather than bank profitability. Ireland ranked mid-table in that study. I accept that relates back to 2009 and should perhaps be revisited. However, that is a fair point in terms of how we determine whether it is reasonable. In 2011, we looked at the charges imposed in Northern Ireland and England. We found that while it is a different model, out of order charges here are significantly lower than in the UK and, in terms of transaction charges, we are broadly in line although a number of banks in the UK still offer transaction fee free banking. However, behind that are additional charges should an account go out of line. On that basis, we believe it is reasonable enough. We are fully conscious of the state of the economy and that the impact of this on customers at this particular time is severe. Any type of increase is not welcomed.

The legislative framework has been looked at. It is useful at this time when the market is so concentrated. In the absence of real competition it is probably needed. If competition improves it may have no role to play. However, we are probably some time away from there being real competition in the market?