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Fri 04 Apr 2003Time for change in financial sector
Banking in Ireland in 2003 is an industry that likes to think of itself as bright, vibrant, responsive and competitive. In my view, it is far from that. It charges excessively, it does not pay a fair price for funds in current account balances and it erects enormous barriers to entry for new players.
If the truth be known, banking in this country is uncompetitive, monopolistic and anti-consumer. And, indeed, the truth may yet be known. The Competition Authority is studying the banking sector. If it comes up with even half of what its UK counterpart found with British banks, it will make riveting reading.
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