Brendan Griffin (Kerry, Fine Gael) | Oireachtas source

I thank the Minister. We could talk about this all day. In the very brief time I have, again I ask the Minister to try to keep engaging with the banks to ensure the best possible outcome for Irish consumers.

In regard to transaction charges, we have seen the use of cards and non-cash methods of payment have become extremely popular. It is the norm now. However, it has a cost on business particularly in the hospitality sector. The cost of those numerous, small transactions that take place day in, day out in restaurants and cafes, is enormous. That is something that the banks are profiting from at the expense of small business. Many businesses are struggling to hold on at the moment. I differ with the Minister in relation to the 9% VAT rate for example. That is the very highest that the rate should be. However, for those businesses, one of the things that could help is a reduction in the fees that they pay on each transaction. All of those fees add up. At the end of the month we see huge figures being paid by those businesses to their banks just to accept payment from customers, rather than cash.

See this speech in context