Dáil Éireann Debate, Wednesday - 29 September 2010
526 Deputy Lucinda Creighton asked the Minister for Finance the reason a financial institution (details supplied) is permitted to charge 2% to a minimum of €4 and a maximum of €35 on euro cheques from other countries within the eurozone; his views on the impact of the bank’s actions on small and medium enterprises.. [33993/10]
Amharc ar fhreagraThe Financial Regulator (FR) has advised me that it has approved the following charge for the Financial Institution that is the subject of the question:- Purchase of Foreign Cheque-Euro 2% of value (minimum 4 euros and maximum 35 euros). The FR has advised that this charge is to cover the costs associated with sending a cheque for "collection".
The FR has also advised me that each charge is assessed on the basis of the criteria set out in the Consumer Credit Act 1995 i.e.:
a) the promotion of fair competition,
b) the commercial justification provided for the introduction of the charge,
c) a credit institution passing any costs on to its customers, and
d) the impact on customers.
