Bank switching costs targeted

Finance Minister Michael Noonan has said the Government is working on reducing bank switching costs to make it easier for consumers to move between banks, boost competition in the sector, and make individual institutions work harder to retain existing customers.

Mr Noonan said his department is in “regular dialogue” with potential market entrants, and the Government will be supportive of new entrants “as they emerge”.

His comments were contained in a wide-reaching written response to Fianna Fáil’s finance spokesperson, Michael McGrath, who asked the minister why no specific lending targets had been put in place for the main banks for 2014.