Banking report 'important', says BoI

Bank of Ireland today welcomed the publication of the Study of Competition in the Provision of Non-investment Banking Services in Ireland carried out by LECG on behalf of the Competition Authority as an important focus for debate.

The bank said it will now study and its 40 recommendations, and will publish its response as part of the consultation process.

Meanwhile, permanent tsb said it will be seeking to open up to 60,000 new current accounts in 2005 as a result of the introduction of the new IBF code designed to streamline the process of switching current accounts between banks.

The bank was responding to criticisms of the difficulties faced by customers seeking to switch current account providers highlighted by the Competition Authority today.

Niall O’Grady, head of marketing with permanent tsb, said: "There is no doubt that the absence of a streamlined process for switching current accounts has made it much more difficult for smaller banks to compete in this area. We expect that the introduction of the code will greatly improve the situation.”