Hundreds switch bank accounts under new industry scheme

Hundreds of Irish people are reportedly switching banks every week under a scheme introduced earlier this year to make it easier to do so.

Reports this morning said figures from the Irish Bankers' Federation showed that 5,000 people had switched their accounts from one bank to another since the scheme was introduced in February.

The initiative was introduced by the federation in an effort to allay concerns that the difficulties encountered when trying to switch banks were creating a barrier to competition.