Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I thank the Senator for raising this important issue. It is also important to acknowledge that the Government is in the business of getting out of banking ownership. We are in the business of returning banks to the private sector over a sustained period of time and getting back as much money as we possibly can, much of which was pumped into the banks by the last Government and some by this one. We now have a plan to recoup every single cent that the Fine Gael-Labour Government has put into AIB, Bank of Ireland and Permanent TSB.

As we move out of bank ownership and having stakes in banks, it is important to have robust controls in place. That is why the Department carried out a review last year to ensure the charges were monitored and will continue to be. I take the Senator's point that not everybody uses the Internet. That is an ever-more important point as banking technology advances. However, under the 2012 consumer protection code the fee information must be displayed in the bank branch and the Senator should relay that to his constituents.

I take his point on the three years. However, to counter it, I make the point that it was a condition of state aid by the European institutions and also to try to encourage competition. We all appreciate that the more competition in the market, the better ultimately it is for all of us, as consumers. The Senator has raised a very important issue. It needs to be monitored closely and I can ensure him that I will do so as will the Department of Finance.