Wednesday, 12 January 2011

Ceisteanna (91)

Jim O'Keeffe


139 Deputy Jim O’Keeffe asked the Minister for Finance if additional banking charges, such as those recently announced by the Bank of Ireland, are referred to him for consultation or approval prior to being passed on to the customer; and if he will make a statement on the matter. [1136/11]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Minister for Finance)

I have no function in the approval of banking charges. This is a matter for the Central Bank, which has statutory responsibility in this area. Under section 149 of the Consumer Credit Act 1995, banks may only impose charges up to the maximum levels approved by the Central Bank. Where a bank has exempted customers who meet certain criteria from charges, and subsequently change the criteria, there is no requirement for any subsequent notification to, or approval by, the Central Bank provided the charges are within the permitted limits.

Any proposed changes to charges or qualifying criteria must be notified to customers in advance. In the case of current accounts the minimum notice period is two months and must be in accordance with terms and conditions of the account.

Section 149 of the Consumer Credit Act 1995, applies to credit institutions, money transmitters and bureaux de change.

Question No. 140 answered with Question No. 97.