Tuesday September 29, 2020

Consumers lose as banks turn the screw

Current account customers are next in the firing line as banks seek to rebuild their balance sheets, writes Emma Kennedy, Personal Finance Correspondent

25th September, 2010

With a dwindling number of retail banks operating in the Irish market, consumers are facing a dearth of competition.

Less competition equates to less bargaining power, meaning that consumers now pay a higher premium for banking services.

A report published last week by a sub-committee of the Financial Regulator’s Consumer Consultative Panel expressed concerns that the remaining players in the retail banking sector could abuse their dominant position and push through higher fees and interest...

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