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Banking: First Trust Bank

Volume 710: debated on Monday 27 April 2009

Question

Asked by

To ask Her Majesty's Government whether the Competition Commission required the Northern Ireland-based First Trust Bank to raise its interest rates; and, if so, whether such a request was within the Commission's remit. [HL2475]

The Competition Commission has not required First Trust Bank to raise interest rates. The decision to raise interest rates would appear to be a commercial matter for the enterprise concerned.

As part of its inquiry into personal current account banking in Northern Ireland, the Competition Commission did put in place a number of remedies aimed at making it easier for consumers to make informed choices about their accounts. These remedies included a requirement on banks to provide details of their charges and interest rates on customers’ statements.