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30/07/2002
Commons Committee calls for banking probe
A House of Commons Treasury Committee has hit out at the UK banks over the difficulty consumers have in understanding credit card interest rate charges.
MPs urged an official probe into the small business market after a Cambridge University mathematics professor, who was asked to investigate one deal, took most of an afternoon to calculate the annual interest rate.
The all-party committee also called for action to be taken in the banking market for smaller companies, over fears that the 'Big Four' UK banks, Barclays, Lloyds TSB, HSBC and Royal Bank of Scotland, operated a joint monopoly.
The committee said it was also concerned that comprehending deals required "an unreasonable amount of time and effort".
The Competition Commission last year warned of a "complex monopoly" operated by the 'Big Four'.
(MB)
MPs urged an official probe into the small business market after a Cambridge University mathematics professor, who was asked to investigate one deal, took most of an afternoon to calculate the annual interest rate.
The all-party committee also called for action to be taken in the banking market for smaller companies, over fears that the 'Big Four' UK banks, Barclays, Lloyds TSB, HSBC and Royal Bank of Scotland, operated a joint monopoly.
The committee said it was also concerned that comprehending deals required "an unreasonable amount of time and effort".
The Competition Commission last year warned of a "complex monopoly" operated by the 'Big Four'.
(MB)
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SDLP Economy spokesperson Patsy McGlone has said banks must work better with small businesses in assisting lending if our economy is to be reinvigorated. The Mid Ulster MLA was speaking after a meeting with the Joint Oireachtas Committee on Jobs, Enterprise and Innovation, whereby he pressed TDs to also raise the issue with Southern banks.
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24 January 2012
Businesses Enter Ulster Bank Awards
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Northern Ireland WeatherToday:There will be a mixture of bright intervals and a few showers. Best of the sunny spells will be near the North Coast. Feeling on the cool side. Maximum temperature 10 °C.Tonight:Showers will gradually die out during the evening. A cold night with long clear spells leading to a touch of frost in places. Minimum temperature 0 °C.
