Skip to main content
Normal View

Dáil Éireann debate -
Tuesday, 27 Feb 2001

Vol. 531 No. 3

Written Answers. - Credit Card Charges.

Róisín Shortall

Question:

90 Ms Shortall asked the Tánaiste and Minister for Enterprise, Trade and Employment the regulations covering charges which are permissible in respect of credit cards. [5908/01]

The Consumer Credit Act, 1995 transferred responsibility for the regulation of bank transaction charges, other than interest charges, from the Central Bank to the Director of Consumer Affairs. The legislation obliged credit institutions to notify the Director within three months of the Act's entry into force, of all existing non interest charges, including charges related to credit cards, obtaining at that time. However, the Act did not empower the director to approve or reject those charges. In instances where credit institutions propose to either increase existing charges or to introduce new charges they are obliged to formally notify the Director of their proposals. These notifications are subject to the Director's approval in accordance with the criteria laid down in the Act.

Top
Share