Bank report - Excessive charges must be cut

YESTERDAY’S damning report on Irish banks by the Competition Authority affirms what the dogs in the street have known for a long time — that the system militates against personal customers and business and is uncompetitive in crucial areas.

While it did not require a 13-month investigation to tell us that, the evidence is incontrovertible and can no longer be dismissed out of hand by the banks.

Yet, even though this report contains some 40 recommendations aimed at improving competition in banking for the benefit of customers, the appalling situation is that the authority lacks the teeth to implement its own proposals.