Brian Cowen (Laois-Offaly, Fianna Fail)

As I said in my initial response, the authority has to take positions in this regard. It issued its report for consultation or comment. Upon that process being completed in the next few months, as I understand, we will be in a position to be aware of the final views of the Competition Authority on this matter and how we might respond to it. I made the point generally that the report deserves careful consideration.

The issue of how we improve competition in banking for the benefit of consumers is important. We have the new regulatory framework through IFSRA, which has a strong consumer focus in terms of the committees in place to ensure that the consumer is protected. Where there are practices, to which the Deputy referred, that seek to cajole people into providing products that go beyond practical ethical marketing, that is an issue IFSRA is in place to deal with in the normal regulatory course.

As to the legislative response we will give governing financial regulation to assist in competition, that would be best considered by us when we know the final position of the authority on these matters.

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