Ruth Coppinger (Dublin West, Socialist Party)
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249. To ask the Minister for Finance if he will introduce a change in regulations to the way bank charges will be applied on accounts with low balances; where the charging of fees greatly reduces the balance or brings the balance to zero; and if he will make a statement on the matter. [4588/15]

Michael Noonan (Limerick City, Fine Gael)
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All credit institutions in Ireland are independent commercial entities. I have no statutory role in relation to the charges applied by credit institutions. Section 149 of the Consumer Credit Act 1995 requires that credit institutions, prescribed credit institutions and bureaux de change must make a submission to the Central Bank if they wish to introduce any new customer charges or increase any existing customer charges in respect of certain services. Section 149 does not cover interest rates rather it applies to fees and commissions only. The Central Bank may direct the institution not to impose the new or increased charge or it may approve the charge, or approve it at a lower level than requested by the institution. Once approved, the bank is entitled to impose the charge.

The Central Bank's Consumer Protection Code 2012 contains requirements in relation to the provision of information on charges to consumers.

The constituent may be referring to the application of stamp duty for holding a debit card. Stamp duty of €5 per annum applies to all debit cards issued to account holders and I have no plans to remove this charge at present. However, as you may be aware a Standard Bank Account was tested in a pilot project in 3 locations over a period of 9 months in 2012 and 2013. The aim was to design a bank account that has low or no cost associated with it. Officials in my Department are currently examining how to further advance this issue.