EU concerned over lack of Irish banking choice

The Director-General of the European Union internal market division has expressed concern over the lack of banking choice in Ireland.

Due to the banking crash only two major banks now remain in the Irish market place.

According to Jonathan Faull, who oversees the EU internal market, this scenario is not good for Irish consumers.

Speaking in Brussels he said Irish people need to give greater consideration to internet banking.

"I hope that the advent of internet banking will make it easier for banks to enter each other's markets and for new companies to enter the banking business," he said.

"You don't need an expensive network of branches anymore - you can do it online.

"What we're seeing in many countries is the emergence of internet banking as a genuine alternative," he added.