I have been informed by AIB that the bank is to increase iBusiness Banking (iBB) service charges with effect from 1st March 2014. This is the first time AIB has increased the iBB service charge since it was introduced in 2001. The increase is necessary in order to continue to develop and invest in electronic channels for customers.
Business Start-up customers and Young Farmer Account holders are entitled to a free subscription to IBB for two years. AIB also offers an online Banking service for SME sole traders and partnerships which is free of charge.
As the Deputy will be aware under the Relationship Framework the State does not intervene in the day to day operations of the bank or their management decisions regarding commercial matters. While I am in favour of a greater level of competition in the market I have no control over the entry or exit of foreign owned subsidiaries operating in the Irish market and I would add that it is a source of disappointment to me that a number of players have taken the decision to downsize or exit the market in recent times. The Government remains focused on ensuring that the economy recovers I would hope that as this occurs there will be a reversal in this current trend.
