I propose to answer Questions Nos. 32, 43 and 75 together.
I am informed by the Director of Consumer Affairs, who has responsibility for bank charges under the Consumer Credit Act, 1995, that he has had discussions with the representative bodies of the financial services industry regarding their changeover plans for the euro. These bodies have made the case that there will be residual costs for financial institutions when the euro is being introduced despite the elimination of the exchange rate risk.
The director has indicated that it will be a matter for individual institutions to make their case to him under section 149 of the Act. He has received assurances, however, that the benefits of the single currency will be passed on to consunmers, including businesses.