Joan Burton (Dublin West, Labour)
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Question 438: To ask the Minister for Enterprise, Trade and Employment if his attention has been drawn to the action being taken by the New Zealand competition watchdog, the Commerce Commission, against 11 banks and financial institutions in New Zealand that have acted anti-competitively by price-fixing the credit card fees paid by retailers; if the Competition Authority has investigated the credit card market here; if fees in the Irish credit card market are set in a competitive way; if the Competition Authority have reported on the matter; and if he will make a statement on the matter. [38583/06]

Micheál Martin (Cork South Central, Fianna Fail)
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I am aware that New Zealand's Commerce Commission has issued civil proceedings against two credit card companies and a number of financial institutions for alleged price-fixing in relation to retailer's fees. In Ireland, charges imposed by credit institutions are notifiable under section 149 of the Consumer Credit Act, 1995 (as amended) to the Irish Financial Services Regulatory Authority (IFSRA). I have no function in this matter. IFSRA in exercising their powers under the Act, have regard to, inter alia, fair competition between financial institutions.

Investigations are part of the day to day work of the Competition Authority and by their very nature are confidential. The Authority does not publish investigative findings, as to do so, could prejudice any legal proceedings arising out of the investigation. The Competition Authority is an independent statutory agency responsible for the enforcement of competition law across all sectors of the Irish economy. I have no direct responsibility for the day to day work of the Authority. However, I am informed the Authority did publish a report last year on competition in the banking sector but did not consider this issue.