Richard Bruton (Dublin North Central, Fine Gael)

Does the Minister share my view that there are serious issues in respect of competition in the banking sector which are highlighted by the fact that profit-taking in the sector is three times as high per customer in Ireland than elsewhere and the cost of banking is 73% higher here than elsewhere?

Against that background, is the Minister happy that the Competition Authority's report is adequate in addressing the change that needs to occur in this sector? Does he consider there is enough in the recommendations emerging from its report? Would he consider changes such as requiring the charging on current accounts, which is fairly standard practice in the UK? Is he satisfied with the captive sale by banks to their customers sometimes of products they do not need, as we have seen in recent cases? Does he consider there is a need for more far-reaching change to promote genuine competition in the banking sector? What sorts of changes would he consider initiating to promote greater entry into the banking sector and greater value for money to customers of the banking sector, particularly small business and personal borrowers, not forgetting that when the bank ECB rates came down only half of those cuts were passed on to personal and small business borrowers?

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