Published date: 31 December 2017

Minister Donohoe welcomes banking initiative that aims to rebuild trust in the industry

The Minister for Finance, Paschal Donohoe T.D., today (Sunday) welcomed a proposed initiative from the banking industry in Ireland that aims to start the process of rebuilding trust and confidence in the industry following the tracker mortgage scandal.

The five chief executives of the main retail banks: Allied Irish Banks, Bank of Ireland, KBC, Permanent TSB and Ulster Bank, have informed the Department of Finance of their intention to establish an Irish Banking Standards Board. This initiative, which is welcomed by Minister Donohoe, will be broadly modelled on the Banking Standards Board which operates in the UK. A strong customer focused culture is a key ingredient in a reputable, sustainable banking sector which supports Ireland’s economic development. It is also a critical driver of franchise value over time.

It is proposed that the Board will be made up of expert people from across civil society all of whom are committed to and focussed on enhancing competence, culture, reputati