ISME demands action on banks

SMALL businesses and opposition politicians rounded on Irish banks yesterday by calling on the Government to intervene to put an end to alleged overcharging of customers.

Business lobby group ISME said news published yesterday in the Irish Examiner that Irish banks generated higher profits per customer than their European rivals highlighted the need for a “root and branch investigation” into the industry here.

Harsh penalties were needed to whip banks into shape and prevent so-called ‘rip-offs’, the group said. A study by international banking giant JP Morgan, published this week, claimed profits per customer at AIB and Bank of Ireland were almost three times the European average.