Lucinda Creighton (Dublin South East, Fine Gael)
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Question 526: To ask the Minister for Finance the reason a financial institution (details supplied) is permitted to charge 2% to a minimum of €4 and a maximum of €35 on euro cheques from other countries within the eurozone; his views on the impact of the bank's actions on small and medium enterprises.. [33993/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Financial Regulator (FR) has advised me that it has approved the following charge for the Financial Institution that is the subject of the question:- Purchase of Foreign Cheque-Euro 2% of value (minimum 4 euros and maximum 35 euros). The FR has advised that this charge is to cover the costs associated with sending a cheque for "collection".

The FR has also advised me that each charge is assessed on the basis of the criteria set out in the Consumer Credit Act 1995 i.e.:

a) the promotion of fair competition,

b) the commercial justification provided for the introduction of the charge,

c) a credit institution passing any costs on to its customers, and

d) the impact on customers.