IBF Statement on Credit Institutions (Financial Support) Scheme

The Irish Banking Federation (IBF) welcomes the publication by Government today of the Credit Institutions (Financial) Support Scheme. The Government’s action is designed to improve liquidity across the banking system, recognising the central importance of financial services to consumers, business and the wider economy.

All markets have been impacted by the prolonged dislocation of the international financial system and all governments have had to respond, both unilaterally and through multilateral arrangements, to restore order to financial markets, begin rebuilding confidence, thus creating the conditions for renewed economic growth.

As the representative body for banks, IBF recognises its role and responsibilities in this regard and will play its full part with members in fulfilling this objective.

Note to Journalists: Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Further information: Felix O’Regan, Head of PR and Public Affairs, IBF, tel. 6715311, 087 6481644

IBF welcomes positive moves on payments

The Irish Banking Federation (IBF) welcomes the government’s decision to halve the payment card stamp duty for combined debit and ATM cards from €10 to €5 and for separate ATM and debit cards from €5 to €2.50. These changes will help to further encourage consumers and businesses to move away from cash and cheques to more efficient, less costly payment mechanisms. IBF also welcomes the Minister for Finance’s stated commitment to preparing and implementing a national payment implementation plan over the next two years.

“These government initiatives represent further progression to up the pace on the move towards electronic payments,” said Pat Farrell, Chief Executive, IBF.

Note to Journalists: Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

IBF welcomes central bank rate cuts

The co-ordinated move by central banks around the world to lower interest rates is welcome in helping towards easing lending conditions for customers. The actual interest rates applied are a matter for individual institutions in a competitive environment.

Note to Journalists: Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.