I was a member of the Joint Committee on European Affairs in the last Oireachtas. One of the areas of interest for the committee was the transition to the euro for which the rate of exchange was fixed about three years before notes and coins came into use. Most of us had assumed that the permanent fixing of the exchange rate would mean that since there was minimal cost to the banks and zero exchange risk there would be a dramatic drop in the cost to the consumer of acquiring currencies. However, the banks succeeding in persuading the Office of the Director of Consumer Affairs that other costs would be incurred. To compensate for the loss of profits made from the alleged risk of currency uncertainty, charges for acquiring French francs or German marks rose. The consumer was only at best marginally better off. The Director of Consumer Affairs accepted the argument that being slightly better off was acceptable.