Banking report to usher in new era

THE report into the banking sector could be the start of a gentle revolution in banking.

While it may not set the world on fire, it is expected to facilitate account switching. It will also throw open the money transmission system opening up competition to the current account sector.

Even prior to the report the Irish Bankers Federation announced the banks will facilitate switching of all accounts except for home loans and business accounts. Switching will apply to personal and current accounts initially.