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

There is no connection between the report published by the Department of Finance in 2013 and the subsequent increases in charges by the banks. The Central Bank has a role in authorising charges and may alter them, but the Minister for Finance has no such role. I presume the banks were waiting to see if section 149 of the Consumer Credit Act 1995 would be repealed or if there would be a proposal to do so. We indicated that there would be no repeal, as if that were to happen, there would be carte blanchefor the banks to do as they wished independent of the Central Bank. There is still control.

It is true that, on a comparative basis, the range of fees in Ireland is much lower than in comparable institutions across the European Union. If we are to attract competition, a range of fees more closely allied to what is happening in Europe would be appropriate. It is up to institutions and the Central Bank to decide on fees. There is some evidence that new institutions are coming to Ireland, of which the Minister of State, Deputy Simon Harris, who is in charge of financial services would have significant knowledge.

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