Batt O'Keeffe
Ceist:114 Mr. B. O'Keeffe asked the Minister for Enterprise and Employment the concerns, if any, he has at the high level of charges levied by the banking institutions in this country. [13907/96]
Written Answers. - Bank Charges.
Under section 149 of the Consumer Credit Act, 1995, which came into effect on 13 May 1996, responsibility for the regulation of bank charges has been transferred to the Director of Consumer Affairs. Under that provision credit institutions have a period of three months within which they must notify the Director about existing charges. A small number of institutions have already done this.
Once this notification has taken place institutions may apply for increases in existing rates. They can also apply for the introduction of new charges not already notified. In addition, the Director can issue directions to institutions in respect of such charges, including prohibitions. The Director has informed the Minister with responsibility for commerce, science and technology that, so far, no increases have been sought in existing rates nor have any applications been received in respect of new charges.
While the Director cannot issue directions in respect of existing charges, it is his intention to take these into account when examining increases and considering applications for new charges.
The Minister is satisfied that the system as outlined provides adequate protection for consumers in this area.