Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

Again, I thank Senator Byrne for raising this issue. While competition issues are primarily a matter for the CCPC, competitive pressures can clearly have an effect on the functioning of the financial system and the achievement of the Central Bank's aim, as can the ability of firms to enter and exit the system in an orderly manner. In light of the changing landscape for banking in Ireland, the Minister has instructed and commenced a broad-ranging review of the retail banking sector, which will also include the competition sector. This retail banking review has commenced its work and is currently at the research phase. As part of the review, a survey of consumers will be undertaken in the coming months to ascertain their experience and perceptions of the retail banking sector in Ireland. In due course, the Minister will consider the outcomes of that review and any findings it makes on competition in the retail banking market. It will look at the issue of competition as part of that review and it will be brought back to the Minister as soon as that report is completed.