Lack of banking competition ‘very costly’

THE independent voice of small business ISME, says the loss to its sector based on the €5 billion lent by banks to SMEs this year is closer to €230 million than the €85m claimed by the Competition Authority in its report into Irish bank charges and practices.

According to the report Ireland’s uncompetitive banking sector is also costly to current account holders.

AIB lost $670m in its Allfirst subsidiary a few years ago and it was hardly missed. How many other non-banking operations could live with a similar loss?