3 Oct 2018, 12.57
Central Bank of Ireland Governor Philip Lane will discuss the current culture and behaviour of Irish banks as demonstrated by the tracker mortgage controversy at Thursday’s meeting of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach.
Mr. Lane is expected to begin his opening remarks after 10 a.m. in Committee Room 2 of Leinster House.
The meeting can be viewed live here and on Android and Apple devices using the Houses of the Oireachtas app.
A key topic of discussion will be the Central Bank’s July 2018 publication of Behaviour and Culture of the Irish Retail Banks. That 51-page document identified deep-seated cultural failings in the banking sector abetted by weak internal controls and poor governance.
“The report offered a detailed review of varied shortcomings at all five major retail banks in Ireland. It found that, while banks have taken recent steps to improve treatment of their customers, none has yet to achieve an appropriate level of focus on consumer needs,” said Committee Chairman John McGuinness TD.
“The Committee looks forward to exploring the report’s key findings and recommendations with Mr. Lane, and to identifying the best path forward to promote a banking sector that meets the needs of the Irish people.”
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