The Irish Bankers Federation (IBF) confirmed today that 10,000 consumers have used the IBF Account Switching Code to switch accounts in the first seven months of 2005.
A recent study by the Competition Authority identified high switching costs as a barrier to entry and denied customers and small businesses the benefits of a more competitive marketplace.
The voluntary switching code smoothes the switching process by stipulating that the banks must ensure the transition is completed within seven working of a request being received by the new bank.
Commenting on these latest figures, the IBF's chief executive, Pat Farrell, said the code has greatly simplified and speeded up the switching process. "Greater consumer choice further enhances competition in the marketplace," he said.
The IBF worked closely with the Financial Regulator in finalising the code. Representatives from the regulator attended meetings of the IBF working group that agreed its content, as observers.