Consumer and financial experts have called on regulators to probe the grip held by AIB and Bank of Ireland on the banking market. The calls come after ECB head Mario Draghi told the Oireachtas Finance Committee on Thursday that a “quasi-monopoly” was driving up the costs of credit for homes and business borrowers.
The Government and Central Bank regulators have been accused of letting down customers after it emerged Irish first-time buyers will pay up to €61,641 more in interest costs over the lifetime of their mortgages than anywhere else in Europe.
The Central Bank should urge RaboDirect to consider extending its notice period beyond May because of the unprecedented effects its decision to shut a €3bn savings operation will have on its 90,000 Irish customers, consumer and financial experts have warned.
The Consumers Association of Ireland (CAI) has said that Virgin Media subscribers should be free to cancel their contracts with the company without penalty, given the “significant” loss of Eir Sports and BT Sports.
The agency responsible for protecting consumers’ interests has no immediate plans to investigate the spiralling cost of motor insurance which has seen premiums surge more than 60% in the past two years.