Joint venture worries consumer body

The Consumers Association of Ireland (CAI) has expressed concern about the sharing of information between AIB and Bank of Ireland as a result of the merger of their information technology services. CAI chief executive Mr Dermott Jewell also called on the two banks to reduce the cost of services for customers as a result of the new initiative.

"There is a need for the banks to guarantee complete privacy for customers. I am sure this information is protected under the Data Protection Act but customers will need to be reassured that there are no opportunities for disclosure. This would not sit well with customers," he said.

The CAI is strongly opposed to any merger between AIB and Bank of Ireland on the basis of its view that such a move would not be in the best interests of bank customers.

He pointed to the opportunity for the banks to reduce the cost of services to customers by passing on the benefits of the greater efficiencies achieved through the IT joint venture.

The association is represented at a European level and will be making a submission to the European Commission in relation to its concerns.