Dept to keep law forcing banks to seek approval for rate hikes

Dept to keep law forcing banks to seek approval for rate hikes

The Department of Finance says it will force banks to seek approval from the Central Bank before they increase charges.

In a review, it said that removing the current law would give too much power to banks to increase charges at a time when there is little competition in the Irish market.

However, the Department of Finance says it could scrap the requirements in the future when there is more competition in the banking sector.

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