Enda Kenny (Mayo, Fine Gael)
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Question 46: To ask the Minister for Finance his views on the report on competition in banking recently published by the Competition Authority. [2561/05]

Brian O'Shea (Waterford, Labour)
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Question 61: To ask the Minister for Finance the action he intends to take arising from the recent Competition Authority study on the banking sector; and if he will make a statement on the matter. [2481/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I propose to take Questions Nos. 46 and 61 together.

I welcome the publication for consultation of the Competition Authority consultants' study on the banking sector. The Competition Authority has invited responses to this document by 14 February 2005. This is not the end of the Competition Authority's consideration. The report it has published is a consultation document and I will continue to watch closely the development of this process.

This report contains some 40 recommendations and it deserves careful consideration by all those concerned. The report's overall conclusion, that there are competitive issues to be addressed in the banking sector leading to high costs for customers, must be taken seriously.

It is also timely, coming at a moment when my Department is considering submissions on future financial services legislation. In that regard, my Department is paying particular attention to the recommendations relating to the legislative framework governing financial regulation and the thrust of the report in general in the context of our ongoing legislative programme.

I have already indicated in my recent budget speech that the Finance Bill will contain measures to eliminate a double stamp duty charge on switching of financial cards. This addresses one of the issues now raised in this report. My aim is to have a competitive financial sector that contributes to the economy and benefits the consumer.