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Dáil Éireann díospóireacht -
Thursday, 3 Dec 1998

Vol. 497 No. 7

Written Answers - Interest Rates.

John Gormley

Ceist:

65 Mr. Gormley asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will report on the rates being charged to consumers by credit card providers in view of the recent substantial falls in interest rates generally. [24369/98]

I have no statutory power to control the interest rates charged by credit card providers. However, as Minister for Consumer Affairs, naturally I am concerned that the rates charged by such providers should reflect the recent fall in interest rates generally. The best way to ensure that providers behave in a responsible manner in this respect is for consumers to inform themselves of the significant variation in the rates charged by providers and be prepared to take their custom to those providers which pass on the benefits of base rate reductions to them. Healthy competition is the best means of ensuring value for the consumer. I welcome the arrival of new entrants to the market and I look forward to even greater competition following the introduction of the euro.

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