Stamp duty reforms will benefit consumers, says IBF

The Irish Banking Federation (IBF) welcomes the announcement by the Minister for Finance in today’s Budget 2008 to reduce the level of stamp duty payable on bank cards and to reform the stamp duty regime on residential property.

The changes in stamp duties payable by cardholders on ATM, debit and credit cards represent a welcome reduction in the cost borne by bank customers and a clear signal by Government of the importance of accelerating the development of our national payments infrastructure.  These changes have been advocated by IBF for some time in partnership with the Consumers’ Association of Ireland and Chambers Ireland.  IBF looks forward to working with Government and other stakeholders to progress delivery of a world-class, electronic payments environment which has the potential to considerably enhance our national competitiveness.

The changes in relation to stamp duties on residential property reflects IBF’s pre-budget submission which pointed to the distorting impact of the existing bands and the manner in which they acted as a disincentive to residential property transactions.

Pat Farrell, IBF Chief Executive, is available for interview.

Note to Journalists:  Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Further Information: Felix O’Regan, Head of PR and Public Affairs, IBF, tel. 6715311, 087 6481644