Leo Varadkar (Dublin West, Fine Gael)
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Question 243: To ask the Tánaiste and Minister for Finance if he will direct or request that the Financial Regulator publish a cross-country comparison of the cost of personal and small business banking services; and if he will make a statement on the matter. [2250/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The Deputy may wish to note that increased competition in the Irish financial services sector over recent years, reflecting such factors as new entrants and the introduction of a switching code for both personal customers and now for the business sector, has benefited consumers in Ireland significantly through increased choice, new products, lower prices and better service.

The Financial Regulator regularly publishes surveys on its website www.itsyourmoey.ie comparing the costs of various financial products and services provided by various financial service providers in the State. These surveys provide consumers with the information they require to make informed choices as customers of financial institutions.

It is a matter for the Financial Regulator in the context of discharging its statutory consumer protection mandate to determine the nature and type of information which is most relevant to consumers in assisting them in making financial decisions. In assessing the balance between the likely benefits and costs of providing various types of information for consumers the Financial Regulator can draw on the advice and guidance of the Financial Services Consultative Consumer Panel.

The Deputy will appreciate that on account of such factors as differences in retail market structures, consumer preferences and charging structures, international cost comparisons must be interpreted carefully. However, comparative international information available for Ireland indicates that in overall terms the cost of personal or small business banking compare favourably with other developed countries.

The introduction of the Single Euro Payments Area (SEPA) from 28 January 2008 should also be a factor that promotes greater competition in the market for payment services across Europe, and potentially yield to Irish consumers the benefits of participating in a market with much larger economies of scale. The Deputy may be aware that the SEPA is the area where citizens, companies and other economic actors will be able to make and receive payments in euros, within Europe, whether between or within national boundaries under the same basic conditions, rights and obligations, regardless of their location.