An example that came up in our recent rulemaking was the allocation of payments by credit card issuers. As creditors began offering different interest rates for purchases, cash advances, and balance transfers, they were also able to increase their revenues through their policies for allocating consumer payments. For example, a consumer might be charged 12 percent on purchases but 20 percent for cash advances.
When Whitaker became Secretary of the Department for Finance, the Irish economy was isolated and uncompetitive. Emigration was almost on par with the birthrate. The economic weather was truly desperate. With his Programme, Whitaker let the sun in by opening up the Irish economy to foreign investments and industrial development, including joining the EU, and ending its dependence on agriculture and tariffs.