European Commission says retail banking in many member states including Ireland is lacking genuine competition

By Finfacts Team
A European Commission report has found that retail banking in many member states, including Ireland, is still lacking genuine competition.

The Commission's final report of its competition inquiry into the retail banking sector, published today, shows that there are a number of competition issues in the markets for credit cards, payment systems and retail banking products.

The report says the rules in the Irish market are still obstructing foreign banks who wish to break into the market and that credit card charges may be higher than they should be.

Competition Commissioner Neelie Kroes said: “The inquiry has found widespread competition barriers which unnecessarily raise the cost of retail banking services for European firms and consumers. The Commission will make full use of its powers under competition law to tackle these barriers, in the market for payment cards and elsewhere when they result from anticompetitive behaviour.”

Greenhill & Co. Reports Record Annual Revenue and Earnings; Dividend Increased to $0.25

- Record annual total revenue, up 31% over 2005

NEW YORK, Feb. 1 /PRNewswire-FirstCall/ -- Greenhill & Co., Inc. (NYSE: GHL) today reported record revenues of $290.6 million and record net income of $75.7 million for the year ended December 31, 2006. Diluted earnings per share were $2.55 per share for the year ended December 31, 2006.

The Firm's 2006 revenues compare with revenues of $221.2 million for 2005, which represents an increase of $69.4 million or 31%. The Firm's 2006 net income and diluted earnings per share compare with $55.5 million of net income and $1.81 of diluted earnings per share, respectively, for the year ended December 31, 2005, representing increases of 36% and 41%, respectively.

The Firm's fourth quarter revenues were $72.7 million, which compare with revenues of $81.7 million for the fourth quarter of 2005, representing a decrease of $9.0 million or 11%. The Firm's fourth quarter net income was $20.0 million, which compares with net income of $20.7 million in the fourth quarter of 2005, representing a decrease of $0.7 million or 3%. Diluted EPS for the fourth quarter of 2006 was $0.68, which compares against $0.69 for the fourth quarter of 2005, representing a decrease of $0.01 per share or 1%.

The Firm's quarterly revenues and net income can fluctuate materially depending on the number and size of completed transactions on which it advised, the number and size of merchant banking gains (or losses) and other factors. Accordingly, the revenues and net income in any particular quarter may not be indicative of future results.

"In 2006, we once again achieved record financial results. At the same time, the Firm invested significantly in its future growth by expanding the scope of our geographic and industry client coverage. M&A activity remains strong, and the Greenhill brand as an independent advisor on major transactions around the world continues to grow," Robert F. Greenhill, Chairman and CEO, said.

Revenues