Ivor Callely
Question:72 Mr. Callely asked the Minister for Finance his views on the rates and level of bank charges imposed by the banking sector; and if he will make a statement on the matter. [17959/95]
Written Answers. - Bank Charges.
I have no function in relation to bank charges. Under section 28 of the Central Bank Act, 1989, the Central Bank has statutory responsibility in relation to those charges and all terms and conditions applicable to such charges.
The legislation requires that all proposals to amend charges, terms or conditions must be notified to the bank. The bank may direct the licence holder to refrain from implementing any proposal which does not have its prior approval.
The bank, in exercising its powers under section 28, must have regard to the promotion of fair competition between banks, and between banks and other deposit-taking institutions.
That responsibility will be transferred to the Director for Consumer Affairs when the relevant provisions of the Consumer Credit Act, 1995, are brought into force.