IBF Statement on the Financial Services Ombudsman Report 2010

The Irish Banking Federation (IBF) and its member banks are fully committed to working with the Ombudsman’s Office to help further reduce the number of customer complaints that arise – particularly in light of the fact that 75% of all complaints received were not upheld by the Ombudsman during 2010.

IBF will also be consulting with its members in response to the Ombudsman’s invitation for submissions on the publication of information on the complaints record of providers.

Note: The 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.

Substantial Progress Made in Addressing Bank Capital and Liquidity Requirements, says IBF

The Irish Banking Federation (IBF) welcomes the clarity that publication of the latest stress test results by the European Banking Authority (EBA) provide on European banks’ capital requirements.

Irish banks have already made substantial progress in addressing the recapitalisation and liquidity requirements established through the Central Bank of Ireland’s own stress tests in recent months.  The EBA stress test results, which take account of the recapitalisation measures announced following the Prudential Capital Assessment Review (PCAR), show that the Irish banks meet the stress requirements and do not require additional capital beyond the requirement set in the Central Bank’s Financial Measures Programme published in March 2011.

Given the detail, extensiveness and above all the rigour of the Central Bank’s tests – providing as they did for a more severe and prolonged scenario than the EBA – the recapitalisation and liquidity measures arising from the results marked a milestone in addressing the issue of restoring confidence to the country’s domestic banking system.

The capital levels of the domestic banks will be well in excess of the 10.5% (Core Tier 1) that is the internationally-accepted target.  Yesterday’s third quarterly review by the EC, the ECB and the IMF noted that the “restructuring of banks is ahead of schedule” and the “recapitalization of domestically owned banks is expected to be completed by end July, with the fiscal cost reduced by burden-sharing with subordinated debt holders. Deleveraging of banks is making progress, and will deliver a smaller more robust system while avoiding fire sales.”

IBF is intent on working with Government, the regulatory authorities and other key stakeholders to rebuild the domestic banking sector in support of the economy and its people.

Note: The 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.

FIBI Says New Government Strategy Represents Major Step Forward for IFSC

The Federation of International Banks in Ireland (FIBI) welcomed the publication today of the Government’s five-year strategy for the IFSC, which aims to produce more than 10,000 net new jobs.  FIBI said the new strategy represents a further major step in supporting the development of the IFSC and in promoting Ireland as a location for internationally-traded financial services and that the organisation looks forward to working with Government to develop the IFSC as an engine for growth and recovery.

IFSC strategy launch July 2011

Taoiseach Enda Kenny speaking at the launch of the Government’s five-year strategy for the international financial services sector, flanked by industry and Government representatives including Pat Farrell, President, Irish Banking Federation and Chairman, Executive Steering Committee, IFSC Ireland (left).

Research recently conducted by FIBI among senior executives across the international banking sector indicated that Ireland’s competitiveness as a location for international financial services has improved significantly in recent years with 60% of respondents reporting increased availability of skilled staff and 86% saying that their costs had decreased or stayed the same.  This supports the National Competitiveness Council’s findings late last year that Ireland’s cost competitiveness had improved because of, among other factors, downward price adjustments within the economy.

Paul O’Connor, Director, FIBI welcomed the strategy stating:

“The Taoiseach’s launch of today’s strategy underlines the Government’s commitment to supporting growth in internationally traded services in these challenging times and the key role that international financial services sector can play in creating jobs and contributing to economic growth.  As the representative body of international banks in Ireland, FIBI continues to play a pivotal role in facilitating and providing support services across the range of activities in the IFSC.”

“From our network of established contacts with global banking groups, we are aware of a number of significant international players that are considering locating and expanding operations in Ireland.  We look forward to seeing these projects come to fruition over the timeframe for the strategy, enabling the banking sector to play its full part in helping deliver on the Government’s strategy.”

The IFSC encompasses a range of activities including banking, funds, insurance and asset management and the international financial services sector employs some 33,000 people directly and many more indirectly.  International banking remains at the heart of the IFSC and the anchor for the full range of IFSC activities.

Editor’s Note:

For further Information contact:  Lisa Shevlin, Manager, Public Affairs, Irish Banking Federation 01-6715311

The Federation of International Banks in Ireland (FIBI, which is affiliated to the Irish Banking Federation) has more than 50 members (including many of the largest financial service providers in the world). Our members’ operations extend to the most innovative and dynamic sectors of the financial services industry. FIBI members, based in Dublin’s IFSC and further beyond in all parts of the country, have grown to become some of the most significant contributors to the Irish economy.