The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, and Minister of State Michael D’Arcy today welcomed the launch of the Irish Banking Culture Board, which aims to bring about cultural change at the banks.
Commenting on the Board’s launch, Minister Donohoe said:
“The establishment of the Irish Banking Culture Board is an important contribution to improving the banking sector. The work of the Board will never replace Central Bank regulation and supervision. However, the Board can highlight, promote and share best practice across the banking sector and set examples that all banks must strive for. It is in the interests of all banking customers and wider economic competitiveness that the sector is customer focused and is efficient and effective.
I particularly welcome the appointment of a strong Board with Mr. Justice John Hedigan as its Chair. I am sure the strength of character of the Board’s membership will feed through to its work.”
Minister D’Arcy spoke at the Board’s launch and said:
“I believe the Irish Banking Culture Board can make improvements to banking culture, but these changes must take place within the banks themselves. It is clear that public trust in banking is diminished and has been for some time. Rebuilding trust is critical, necessary and overdue.
The establishment of the Irish Banking Culture Board with its clear focus on culture, is a crucial step in that process. I look forward to the Board working with banks to empower their staff to speak up when improvements can be made, which will create a positive culture where speaking up is valued.”
Notes for Editors:
The Irish Banking Culture Board (IBCB) is a private initiative from the banking industry in Ireland aimed at rebuilding trust and confidence in the industry following the tracker mortgage scandal, and as such it is not within the remit of Government nor the Central Bank as regulator.
The Board is separate entity to the Banking and Payments Federation of Ireland (BPFI).