Finance Committee to discuss changing the culture of Irish banking with the IBOA

Committee Chairman, Alex White TD said: “As the organisation representing bank workers at the coalface of Irish financial services, the IBOA can provide a valuable insight into the culture of Irish banking that prevailed in the past and which helped to fuel the crisis in which we now find ourselves.

The crisis in our banking system is a continuing one with billions being paid out to recapitalise our banks, making it one of the most expensive banking crises globally. The impact of the crisis on the nation’s finances as a whole and on individual people and businesses in particular has been momentous. Changes must be put in place in the culture of financial services in this country to prevent such a situation ever happening again.

Clearly a new culture is needed in banking which embraces customer care, credit quality and careful, sensible management rather than a narrow focus on short-term profitability, sales targets and bonuses. We are already seeing changes in the regulatory environment but this must be extended throughout the banking system with real transformation rather than cosmetic changes.

Meeting with the organisation that represents the interests of bank workers should contribute to our understanding of the culture in banking, if and how that is changing and what measures the IBOA would like to see implemented to achieve change.”

This meeting will take place tomorrow, Thursday, 13th October, in Committee Room 3, Leinster House 2000 at 2.30pm.

Committee proceedings can be followed live at:
http://www.oireachtas.ie/ViewDoc.asp?fn=/documents/livewebcast/Web-Live.htm&CatID=83&m=o

For further information please contact:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551

Committee Membership

Deputies

Richard Boyd-Barret, People Before Profit
Thomas P. Broughan, Labour Party
Michael Creed, Fine Gael
Jim Daly, Fine Gael
Pearse Doherty, Sinn Fein
Stephen Donnelly, Independent
Sean Fleming, Fianna Fail
Joe Higgins, Socialist Party
Heather Humphreys, Fine Gael
Kevin Humphreys, Labour Party
Peter Mathews, Fine Gael
Mary Lou McDonald, Sinn Fein
Michael McGrath, Fianna Fail
Olivia Mitchell, Fine Gael
Seán Ó Fearghaíl, Fianna Fail
Jonathan O’Brien, Sinn Fein
Kieran O’Donnell, Fine Gael
Arthur Spring, Labour Party
Billy Timmins, Fine Gael
Liam Twomey, Fine Gael
Alex White, Labour Party

Senators

Sean D Barrett, Independent
Thomas Byrne, Fianna Fail
Michael D’Arcy, Fine Gael
Aideen Hayden, Labour Party
Tom Sheahan, Fine Gael
Katherine Zappone, Independent