Dáil Éireann debate -
Wednesday, 31 May 2000

Vol. 520 No. 2

Written Answers. - Euro Changeover.

David Stanton

Question:

61 Mr. Stanton asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has satisfied herself that the Office of the Director of Consumer Affairs has sufficient resources to monitor the changeover to the euro; and if she will make a statement on the matter. [15588/00]

Minister of State at the Department of Enterprise, Trade and Employment (Mr. T. Kitt):

The responsibilities of the Director of Consumer Affairs in relation to monitoring the changeover to the euro are twofold, and may be summarised as follows: under the Consumer Credit Act, 1995, the Director of Consumer Affairs has responsibility for monitoring customer charges by the credit institutions, and for issuing directions under section 149 of the Act to those institutions in relation to increases in existing charges and charges for new services-products. Notifications under section 149 are applicable in relation to the euro to the extent that credit institutions propose to restructure their customer charges prior to the introduction of the euro in cashless form as from 1 January 1999. I am satisfied that the director has sufficient resources to monitor compliance by the credit institutions with the decisions she made concerning their euro-specific customer charges.

Congruent with her responsibility under the Consumer Information Act, 1978, for promoting codes of practice, the Director of Consumer Affairs will monitor compliance with either the national or sectoral codes on dual display of prices by those bodies which voluntarily adhere to them. I am satisfied that the director has sufficient resources at her disposal to so do.

The Director of Consumer Affairs is not solely responsible for monitoring the changeover to the euro. Overall responsibility in that connection rests with the Euro Changeover Board of Ireland. Responsibility for specific aspects lies with appropriate bodies at EU and national level. For example, the Deputy will be aware of the recently published survey undertaken for the European Commission in the 11 euro zone countries in relation to bank charges, which appears to have uncovered possible breaches of the cross-frontier transfers directive, 97/5/EC – for which neither the Director of Consumer Affairs nor my Department is responsible – in ten of the 11 member states, that is, with the exception of Ireland. Another example would be the trans-European automated real-time gross settlement express transfer, known as TARGET, for which the European Central Bank is responsible, and which is used for credit transfers in euro between member states as well as for inter-bank and customer payments.