Action needed, not words

THE Competition Authority’s final report on the banking sector was welcomed by bankers yesterday, but small businesses warned its recommendations needed to be matched with action.

The Irish Bankers Federation (IBF), the industry umbrella group, said it was satisfied banks were making “real progress” in addressing the barriers to competition identified by the authority.

Increased competition in the Irish banking market had already been confirmed by a number of third party independent studies, it said. Bank charges for both personal and small business customers were significantly lower in Ireland than in other markets, it added.