Yes the financial crisis and resulting bailout of the banks have cost taxpayers billions. But a less discussed impact of the crisis has been the diminution of competition in the financial services landscape.
A combination of tighter regulation, diminished consumer appetite and the bad experiences of other foreign players may have scared off new entrants from making their way into the marketplace.
For consumers, this is bad news, as typically, the less competition there is, the smaller the range of options and the higher the prices.
So how are Irish consumers feeling the impact of a cosy club?
Current accounts
Back in 2006, Irish consumers had a st…
Read the full article at: http://www.irishtimes.com/business/work/people-pay-for-absence-of-competition-1.2527005