Monday 19 August 2019

'Last chance to restore trust' - D'Arcy warns financial crash and tracker mortgage scandal did 'terrific damage' to Irish banks

Michael D'Arcy. Picture: Damien Eagers
Michael D'Arcy. Picture: Damien Eagers
Ellie Donnelly

Ellie Donnelly

THE Irish Banking Culture Board (IBCB) is "the last chance for banks to restore trust", Minister of State Michael D'Arcy has said.

Speaking at the launch of the IBCB this morning, Mr D'Arcy - who has special responsibility for Financial Services and Insurance - said the financial crisis and tracker mortgage scandal had done "terrific damage for your (banking) institutions".

The IBCB is an industry initiative, established to rebuild trust in the banking sector and promote fair customer outcomes.

The establishment costs and annual running costs associated with the IBCB are being funded by the five Irish retail banks: AIB, Bank of Ireland, KBC Bank Ireland, Permanent TSB and Ulster Bank.

It will not have any regulatory powers.

The launch follows what it said was an "in-depth" public and stakeholder consultation, and a separate bank employee culture survey.

Mr D'Arcy said there was a "real need to promote a sustainable banking sector that adheres to the highest standards of professionalism in its treatment of customers."

The members of the IBCB are:

Angela Black, CEO Citizens Information Board

Professor Blanaid Clarke, Trinity College

Dara Deering, director and head of retail banking, KBC

Jane Howard, CEO Ulster Bank

Ger Mitchell, HR director, Permanent TSB

Robert Muhall, MD AIB consumer banking

Vincent Mulvey, chief risk officer, Bank of Ireland

Gareth Murphy, acting general secretary, Financial Services Union

Philip O'Leary, managing partner, Fitzgerald Legal & Advisory

Sue O'Neill, chair of Small Firms Association

Martin Stapleton, Irish Farmers Association

Padraic Kissane, consumer representative

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