Bank fees remain subject to Central Bank oversight

There is not enough competition in the banking sector to allow the banks to set their own fees and charges without the oversight of the Central Bank, according to a report by the Department of Finance.

As part of the reform programmes that Ireland signed up to in the bailout programme, the government gave a commitment to review the process by which banks set their fees.

Irish banking fees are regulated by the Section 149 of the Consumer Credit Act 1995, which requires banks to submit requests for fee increases to the Central Bank.