Banking Study Submissions

The Competition Authority’s Final Report and Recommendations presents a succinct analysis of competition issues in Irish retail banking, along with 25 detailed recommendations directed to government, regulatory authorities, banks and the banking industry itself. These recommendations benefited from the substantial number of responses received by the Competition Authority during its two-month consultation period following the publication of LECG’s Report.

Consultation Documents

LECG’s report and draft recommendations represent the most substantial part of the Competition Authority’s study. It follows extensive research, including detailed analysis of documentation provided to the Competition Authority under summons, interviews under oath with senior bank executives, and meetings with other relevant third parties.

The LECG Report shows that competition in the Irish banking sector was not working well for consumers and small business. There were, for example, high switching costs for customers who want to move between banks. There were also high barriers facing banks who want to offer new services to customers. Small businesses were not getting the full benefit of lower interest rates on their working capital loans. The sources of these problems were both the behaviour and structural arrangements of the banks themselves, and unintended consequences of government regulations.

The consultation documents for this study include:

Submissions

During the consultation process the Competition Authority received 22 submissions.
These can be downloaded below.

Submission by
ACC Bank
Allied Irish Banks
An Post
Bishopstown Credit Union
BNP Paribas
Bank of Ireland
Bank of Scotland (Ireland)
Mr Brendan Burgess
Consumers Association of Ireland (1)
Consumers Association of Ireland (2)
Central Bank & Financial Services Authority of Ireland
Credit Union Development Association
Department of Finance
Experian Ireland
Irish Banking Federation
Irish League of Credit Unions
Irish Financial Services Regulatory Authority
Irish Payment Services Organisation
Irish Small & Medium Enterprises Association
Office of the Director of Consumer Affairs
Small Firms Association
Ulster Bank Ireland Limited

The Competition Authority - www.tca.ie

Banking Study Submissions