A report by the EU has confirmed Irish banks are among the most profitable in the European Union. An investigation by the EU's Competition Commission found the easier it is for customers to move accounts the more prices come down for consumers.
Spanish, Finnish and Irish financial institutions are among the most lucrative in the EU. Banks here make profits before tax of 45% on their gross retail income, according to today's report.
In recent years, the Irish market has seen new entrants and new regulations which make it easier for people to move bank accounts
Today's report says that the market across Europe is fragmented and that by making it more unified costs to consumers will be reduced.
The Competition Commission wants to take action against those who are putting up artificial barriers to competition. It is also looking for interested parties to comment regarding how that might be done.