Competition in banking

Madam, - The assertion by Pat Farrell of the Irish Bankers' Federation (Business Opinion, September 1st) that there is healthy…

Madam, - The assertion by Pat Farrell of the Irish Bankers' Federation (Business Opinion, September 1st) that there is healthy competition in the Irish marketplace is a misguided one. How could the market be offered choice and be competitive when eight out of 10 of your readers bank with only two institutions, who just happen to be two of the most profitable banks in Europe?

This is hardly a competitive market that facilitates consumer choice and no number of Cap Gemini or Eurostat reports will convince ordinary people otherwise.

The IBF has been peddling the line for some time that the banks have become very competitive and even introduced such wonders as the Switching Code. I would remind the IBF that the banks' Pauline conversion was a recent one on foot of competition from new entrants, the Competition Authority investigation, etc. - Yours, etc,

MARK DUFFY,

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Chief Executive,

Bank of Scotland Ireland,

St Stephen's Green,

Dublin 2.