Banks may pass security cost on to customer

THE banking sector, one of the most profitable sectors in the State, makes aggregated profits of up to E4 billion a year. It’s an enormous chunk of change in a small country like Ireland.

A common low taxation band has meant that they get to keep a lot more of it than they did a few years ago. Over the years, banks have found many ways to increase their profitability, some of it quite legal and some of it not quite as legal, as we have discovered recently eg overcharging.

Not paying fully for services such as the security provided by the gardaí and the army is another way. It seems this is set to change they are set to pay for the cost of security. It is not before time. However, whether it will have an impact or not on their profitability is quite another matter.