Written answers

Wednesday, 18 April 2012

Department of Finance

Banking Sector Regulation

10:00 pm

Photo of Brendan GriffinBrendan Griffin (Kerry South, Fine Gael)
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Question 193: To ask the Minister for Finance his views on a matter (details supplied); and if he will make a statement on the matter. [18984/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Bank's policy in relation to fees is a matter for the management and board of the institution. I have no role in the day-to-day commercial and operational decisions of the banks, which include these matters. These decisions are taken by the board and management of the institution. Notwithstanding the fact that the State is a significant shareholder in the institution, I must ensure that the bank is run on a commercial, cost effective and independent basis to ensure the value of the bank as an asset to the State, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF. The Government is acutely aware of the increasing financial stress that some households are facing in the current environment. However, we have observed that free banking offerings have changed significantly in recent times across the industry and that the bank must remain competitive in order to return to profitability and viability. I am informed that AIB considers its proposal to be competitive and in line with the market.

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