Tom Shehan (Fine Gael) | Oireachtas source

I would like to speak about the adverse effect that bank charges are having on start-up businesses. I have seen a document that outlines the charges that have to be paid by a new business that wants to install a Visa machine. A once-off registration fee of ¤175 has to be paid. The business will be charged between 25 cent and 35 cent per transaction, with an additional 2 cent per authorisation. There will be a minimum monthly charge of ¤30. The business has to sign up to a 48-month contract. That is where there is a big problem. If the machine is not working in a certain business and is removed, the business has to continue paying for it until the 48-month period has elapsed. Further fees of 50 cent per cheque and ¤4.50 per ¤1,000 lodged also have to be paid. This is having an adverse effect on businesses, especially small businesses. As the charges mount up, they become quite substantial by the end of the month. The banks are no longer private entities. They are owned by the people. I once said to the Minister for Finance that he is the gaffer with regard to the banks, given that the State owns up to 95% of some of them, but he did not agree with me. Something should be done about this problem in the interests of job creation. This issue is of relevance to the Minister, Deputy Bruton, in that context. This is an important issue because now is the best time for those who have business ideas to start up in business. They have to jump a high wall at the outset. The Government should intervene by directing the banks to reduce such charges, especially for people starting out in business. It is quite severe to charge 35 cent per Visa machine transaction. I would like us to debate this matter and I call on the Minister for Finance to do something about it.