Government Senator Dr. Shantal Munro-Knight says the amendments will give the Central Bank greater power to rein in what she believes are the sometimes arbitrary and excessive commercial bank fees.
Dr. Munro-Knight, the Minister of State in the Office of the Prime Minister told the chamber that there is excess liquidity in the banking system with savings amounting to about ten billion dollars.
She says the banks take in large amounts of revenue from fees and commissions.
Commercial banks will now to have to justify the customer charges.
Government Senator Dr. Shantal Munro-Knight.
