The Irish Competition Authority on Thursday published its report, entitled 'Competition in the (non-investment) banking sector in Ireland'.
The report pointed out that banks in Ireland do not compete aggressively for customers, and identified anti-competitive problems in the three sectors examined, which were personal current accounts, lending to small business and the crucial role of the payments clearing system.
The Competition Authority made 25 recommendations intended to mitigate these problems and make the banking industry more competitive.
John Fingleton, Chair of The Competition Authority observed last week that:
“Competition should make financial institutions more responsive to the needs of Irish customers. The Competition Authority has identified a number of areas where competition is not allowed to develop freely and unencumbered and we have made appropriate recommendations. These recommendations will have a significant impact, and will have knock-on effects in other areas of banking.”
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