Financials up despite banking report

There was little movement among the financials today as the Competition Authority released a damning report on the sector.

As the ISEQ index closed up 30.29 points to 6149.2, the only big mover among the financials was Irish Life & Permanent which gained 37c to €13.57.

AIB was unchanged at €14.90, Anglo Irish was up 3c at €17.38, while Bank of Ireland added 8c to €11.98.

Today's report by the Competition Authority claimed the sector has locked customers into accounts and cost small businesses millions in loan charges.

The study found the country’s two largest banks, Allied Irish Bank and Bank of Ireland, controlled more than 70% of the country’s 3.9 million personal current accounts.

The report also showed banks’ failure to pass on interest rate cuts had cost small businesses up to €85m per year.

Dr Terry Calvani, director of the authority, said the sector had failed to provide a fully open market and firms were paying a huge price for wanting to borrow money.

Elsewhere, building materials group CRH had a productive day, up 25c to €19.75.

Ryanair was up 11c to €5.35. Ryanair pilots took the airline to the Labour Court this morning over certain contractual terms. Meanwhile, the company’s public relations department announced its 100 millionth passenger.

Elan was busy also, but suffered a torrid afternoon to close down 27c to €20.55.