Minister Donohoe launches Phase Two Switch Your Bank Campaign

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The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe T.D. has today announced the launch of phase two of the Switch Your Bank campaign. The campaign directs people to www.switchyourbank.ie, and encourages consumers to shop around for financial products and services.

The website provides a single source where consumers can access useful facts about switching, including a straightforward step by step guide, links to Competition and Consumer Protection Commission (CCPC) comparison tools and helpful information to support their decision-making.

The campaign will feature TV, radio and online advertising and is supported by a dedicated website, www.switchyourbank.ie.  Using a combination of media channels will ensure that the campaign reaches consumers throughout the day, from morning drive time, lunchtime googling to TV/video-on-demand viewing in the evening.

The Department of Finance is running this campaign as part of a range of competition measures agreed with the European Commission to raise awareness and promote customer switching in the retail financial product area. This was agreed in the context of the restructuring plans for AIB and PTSB. The campaign is being funded entirely by the two banks.

Speaking on the Switch Your Bank campaign Minister Donohoe said:

“There is a more focused advertising message for phase two, concentrating on the theme “Switch Your Credit Card”.  I appreciate that consumers may have used their credit card more over the Christmas season and these focused advertisements should reintroduce the concept of switching credit cards to consumers after the high spending season has ended and consumers are in a positive frame of mind in relation to New Year’s resolutions and positive actions.  

I am very pleased with the success of the Switch Your Bank Campaign, at the end of phase one there has been over 80,000 views of the website. The CCPC’s financial product comparison tools are a key resource in helping consumers to assess the products available on the market and use has increased multiple times since the start of the campaign.  They recorded 100% increase in visitors to the current account comparison tool and 77% increase in visitors to the mortgage comparison tool.”

“I encourage consumers’ to shop around for financial products and services.  Competition in the Irish banking market is of benefit to consumers.”

ENDS

22nd January 2018 

 

Further information from: 

Aidan Murphy, Press Officer, +353 85 886 6667, pressoffice@finance.gov.ie 

 

Notes to Editors:

The text of the State aid decisions are available at

http://ec.europa.eu/competition/state_aid/cases/233873/233873_1581273_451_2.pdf http://ec.europa.eu/competition/state_aid/cases/241557/241557_1662492_396_2.pdf

In accordance with public procurement rules, a tender was published on http://www.etenders.gov.ie/ and in the Official Journal of the EU in last year. Language Communications were the successful tenderer and have been working on the campaign as Prime Contractor.