Big four banks deserve sanction: Neeson

12.00.00am BST (GMT +0100) Thu 26th May 2005

The Alliance Party welcomes today's announcement that there is to be a formal inquiry by the Competition Commission, into the weak competition of the banking market in Northern Ireland.

Replying to the announcement by the Office of Fair Trading, Sean Neeson MLA, Alliance Party Spokesperson for Enterprise, Trade & Investment, said:

"Northern Ireland customers have been paying over the odds for bank services here for quite some time now. The recent investigation by OFT

formally confirmed that, and put the local banks on notice.

"It is disappointing that the banks here didn't take adequate action themselves. Yet today's announcement that the Competition Commission will now intervene should at last result in some positive action.

"The Alliance Party welcomes the forthcoming inquiry, in order to bring fair competition by the local banks. We only want what customers in the

rest of the UK enjoy."

"It's high time to put this right with Northern Ireland's customers."

ENDS