Dáil Éireann díospóireacht -
Thursday, 9 Apr 1992

Vol. 418 No. 6

Written Answers. - Bank Trustee Departments.

Alan Shatter

Ceist:

45 Mr. Shatter asked the Minister for Finance if his attention has been drawn to the fact that in the operation of their trustee departments, the associated banks who carry out trusts works operate a cartel and have agreed a fee structure which ensures there is no competition between the banks and that the maximum profits are made by the banks on trustee work; and if he will arrange that the banking operation in respect of trusts is investigated to ensure that full and proper competition takes place in the market.

Minister for Finance (Mr. B. Ahern)

The supervision of the operations of licensed banks is a matter for the Central Bank under the Central Bank Acts, 1942 to 1989, as is the application of bank fees. I have no function in these matters.

The Central Bank informs me, however, that the fee rates charged by the four main banks for the operation of trustee work are by no means uniform and that the rates appear competitive.

In the circumstances, an investigation of the sort requested by the Deputy does not appear to arise.