The Minister for Consumer Affairs, Mr Tom Kitt, has called on consumers to shop around for the best deals on foreign exchange transactions. The Minister's statement follows a meeting yesterday with the Director of Consumer Affairs, Ms Carmel Foley.

The Director's office has been monitoring the commission charges being applied by banks and building societies following the introduction of the euro. Mr Kitt said that banks and other credit institutions have yet to explain adequately the basis of their charges to their customers. "Consumers must be vigilant in their foreign currency dealings. I believe that by shopping around and insisting on value for money, they can force down the level of charges." The Minister added that he would continue to work with the Director of Consumer Affairs to ensure that consumers enjoy the benefits of the introduction of the euro.