Bank economists go back to the classroom

Banking & Payments Federation Ireland brings together bank economists from AIB, BOI, KBC and Ulster Bank with business and economics students in event to mark European Money Week 2017

Banking and Payments Federation Ireland (BPFI) today brought the chief economists from AIB, Bank of Ireland, KBC Bank Ireland and Ulster Bank together with over 160 leaving cert business and economic students to discuss the economic issues of the day. The event took place as part of European Money Week 2017, a financial education initiative taking place in over 20 countries across Europe.

AIB’s Senior Economist, John Fahey; Loretta O’Sullivan, Group Chief Economist, Bank of Ireland; Austin Hughes, Chief Economist, KBC Bank Ireland; and Simon Barry, Chief Economist, Ulster Bank, joined together to deliver a series of presentations to the students on a range of economic issues that are currently in the news including the housing market, Brexit, as well as Irish , EU and global economic performance. The presentations were followed by a panel discussion chaired by BPFI Chief Economist Ali Ugur, and a Q&A session with students and their teachers from a number of second level schools in Dublin and Wicklow.

The event is one of hundreds of activities taking place this week across Europe during European Money Week 2017. Established in 2015, European Money Week is a joint initiative between the European Banking Federation and over 20 European banking associations, including BPFI. European Money Week is an annual event which aims to raise public awareness on financial literacy and improve financial education for students at primary and secondary level.

Today’s event was one of a number of BPFI initiatives this week to mark European Money Week.

  • BPFI also hosted a Financial Education Stakeholder Forum on Wednesday 29th March. This forum brought together key stakeholders working in the financial education space to share their observations on existing activities in the field of financial education and to consider scope for further activity.
  • BPFI has also launched a series of new content on its online resource businesseducation.ie Developed by BPFI in conjunction with the Business Studies Teachers’ Association of Ireland (BSTAI), the site provides a number of learning resources for teachers and students of leaving cert business, economics and accounting. Additional content includes a series of curriculum linked Case Studies (https://businesseducation.ie/case-studies/) developed with BPFI member banks AIB, Bank of Ireland, KBC Bank Ireland Ulster Bank. Providing students with relevant and up-to-date business material, the case studies are designed to bring real Irish business stories into the classroom for the benefit of both students and their teachers and to link the world of education directly with leading business organisations.

Other resources on the site which are updated on an ongoing basis throughout the year include sample exam questions and worked-out answers written and assessed by experienced teachers; an overview of and commentary on the most up-to-date figures on a range of Ireland’s key economic indicators written by BPFI’s chief economist; as well as useful links to business news stories relevant to both the business and economics curricula.

Speaking at today’s event, Ultan Henry, President BSTAI, said: “As teachers of business, economics and accounting, BSTAI members are always looking for new ways to bring to life the theory that we teach in the classroom. Today’s event has undoubtedly achieved this by providing the students involved with a wealth of insights to bring to life the concepts and principles they are learning in school.  It is the longstanding relationship between the BSTAI and BPFI that has enabled us to create events such as today as well as such valuable resources as www.BusinessEducation.ie.  We in BSTAI very look forward to continuing this collaboration for the benefit of teachers and students alike.”

European Money Week 2017 is also supported by BPFI members through activities undertaken as part of their individual financial education programmes:

  • Bank of Ireland is running a series of Bizworld workshops in 12 primary schools throughout the country. To date it has run 237. For second level schools 10 BOI Learn to Earn workshops are running bringing the total number of programmes to 115 this academic year. At third level meanwhile, a workshop on how your financial personality can impact your life choices in Ireland and abroad is taking place in Dublin City University.
  • KBC Bank Ireland is releasing research on financial literacy and how people perceive their own financial literacy. KBC set out to begin benchmarking financial literacy at the end of 2016 and this new research will look at areas such as retirement planning, financial goals and household budgets.
  • As part of its MoneySense programme, Ulster Bank is delivering workshops throughout Ireland for both primary and secondary schools, including a record-breaking series of student workshops held last week at Carrigaline Community College where 12 of the bank’s MoneySense volunteers supported 220 students in learning about money and banking.

 

Contact: Jillian Heffernan, Head of Communications, BPFI – Tel: 01 474 8835 / 087 901 6880

Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

The Business Studies Teachers’ Association of Ireland (BSTAI) is the professional association for all teachers of Business Studies subjects in second level education. With 16 branches through the country, the role of the association is the enhancement and development of business subjects in our schools. For more information, visit our website, www.bstai.ie

BPFI Financial Education Stakeholder Forum

Banking and Payments Federation Ireland today hosted a Financial Education Stakeholder Forum bringing together a range of key stakeholders working in the financial education space. The event, held as part of European Money Week 2017, sought to enable those present to share their observations on existing activities in the field of financial education in Ireland and to consider scope for further activity.

Among those present at today’s event was Fianna Fáil Spokesperson on Finance, Michael McGrath TD, who provided a keynote address to the forum on the importance of financial education in schools.  Also present were representatives from a wide range of organisations including the Department of Education, Competition and Consumer Protection Committee, MABS, National Council for Curriculum Assessment and the Consumer Association of Ireland.

Today’s forum is one of a number of BPFI initiatives this week to mark European Money Week 2017,  a joint initiative between the European Banking Federation and over 20 European banking associations, including BPFI, which aims to raise public awareness on financial literacy and improve financial education for students at primary and secondary level. In addition to today’s event, BPFI will also host an Economist/Student event bringing together the chief economists from AIB, Bank of Ireland, KBC Bank Ireland and Ulster Bank with over 160 leaving cert business and economic students to discuss the economic issues of the day.

BPFI has also launched a series of new content on its online resource  www.businesseducation.ie Developed by BPFI in conjunction with the Business Studies Teachers’ Association of Ireland (BSTAI), the site provides a number of learning resources for teachers and students of leaving cert business, economics and accounting. Additional content includes a series of curriculum linked Case Studies (https://businesseducation.ie/case-studies/) developed with BPFI member banks AIB, Bank of Ireland, KBC Bank Ireland Ulster Bank. Providing students with relevant and up-to-date business material, the case studies are designed to bring real Irish business stories into the classroom for the benefit of both students and their teachers and to link the world of education directly with leading business organisations.

 

 

Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

FIBI International Banking Conference 2017

To Book your place now, click here

The Federation of International Banks in Ireland (FIBI), which is affiliated to the Banking & Payments Federation Ireland (BPFI), will host its flagship annual conference ‘International Banking: The New Normal‘ on Thursday 22nd June in The Westin Hotel.

A dedicated website for the FIBI Annual Conference 2017, which provides details on our conference programme, speakers and sponsors, is available here.

This year’s conference will bring industry leaders and policymakers together from across the international and domestic banking and financial services sector to look at what is of key importance for the market player as they look to the future. We will examine what the ‘new-normal’ looks like for international banking operations and what is of key importance for our FIBI members as they look to the future operational and regulatory landscape, as well as considering the on-going challenge to the banking value chain and how banks can pivot to strategically position themselves around increasing competition, new technologies and the Brexit-related landscape.

Delegates will hear from experts including:

  • Eoghan Murphy, T.D., Minister of State for Financial Services
  • Mr. Pëntti Hakkarainen, Member of Supervisory Board, European Central Bank
  • Dr. Christian Schulz, Director Economics, Citi
  • Gerry Cross, Director, Policy and Risk, Central Bank of Ireland
  • Michael O’Sullivan, Chief Investment Officer, International Wealth Management, Credit Suisse
  • Frank Will, Global Head of Covered Bond Research, HSBC
  • Emma Cunningham, Principal Officer, Banking Division, Department of Finance
  • Kieran Donoghue, Head of International Financial Services, IDA Ireland
  • Owen Lewis, Partner, KPMG Ireland
  • Dearbhail McDonald, Group Business Editor, Independent News & Media
  • Conference Chair: Vincent Wall, Business Editor, Newstalk
  • Panel Chair: Paul O’Connor, Head of Regulatory Advisory Services, KPMG Ireland

Group bookings

For individual bookings, please click on the ‘Book Now’ button below. For organisations wishing to send several of their team, we are pleased to offer further discounts for group bookings (applicable where all attendees are employed by the same organisation and are registered under one booking):

  • 4 for the price of 3
  • 7 for the price of 5
  • 10 for the price of 7
  • For groups of 12 or more, every second delegate attends free of charge

Check if you are a member here.

To take advantage of this opportunity, please complete the Group Booking Form and send it to Lisa Shevlin at events@bpfi.ie

Mortgage Approvals – February 2017

Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for the three months ending February 2017.*

The following are the key elements:

  • A total of 2,840 mortgages were approved per month, on average, in the three months ending February 2017 – some 1,405 (49.5% of total volume) were for first-time buyers (FTBs) while mover purchasers accounted for 878 (30.9%).
  • The number of mortgages approved rose by 42.3% year-on-year and fell  by 7.0% month-on-month.
  • The value of mortgages approved per month, on average, in the three months ending February 2017 was €585 million – of which €285 million (48.7%) was accounted for by FTBs and €214 million (36.6%) by mover purchasers.
  • The value of mortgage approvals rose by 54.4% year-on-year and fell by 6.8% month-on-month.

Re-mortgage or switching approvals grew on a year-on-year basis with activity accounting for 8.5% of the value and 7.9% of the volume of mortgages.

Notably the Report states that mortgage approvals increased significantly year-on-year in the first two months of 2017 but this partly reflects base effects caused by some changes to lender processes in early 2016.  Looking at a longer timeframe the trend shows steady growth in approvals activity.

Data collection for the BPFI Mortgage Approvals Report began in September 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The BPFI Mortgage Approvals Report February 2017  as well as the time series data file is available on the BPFI website here.

[*] All figures are based on the three-month moving average.  Year-on-year compares the average for the three months ending February 2017 with the three months ending February 2016.  Month-on-month compares the average for the three months ending  February 2017 with the three months ending January 2017.

Note: Banking & Payments Federation Ireland is the voice of banking and payments in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Jillian Heffernan, Head of Communications, 087 9016880

BPFI Chief Risk Officers Forum

At the recent BPFI Chief Risk Officers (CRO) Forum, KPMG  delivered a presentation on the regulatory outlook for 2017, touching on a number of key areas, including risks to capital, IT risks and governance, TRIM, BCBS 239, AnaCredit, and Brexit. There was a fruitful discussion afterwards and the BPFI provided a presentation on the work of key BPFI Committees and Working Groups. Based on this dialogue a list of key topics was developed that will be considered by  the BPFI CRO Forum over the course of 2017.

BPFI and FPAI work together on fintech

Together with the Fintech and Payments Association of Ireland BPFI has fed a number of comments into a fintech report currently being developed by the European Parliament. It’s expected the report will be adopted in May/June. This is the first report of its kind at European level and will feed into the work of the European Commission on the same topic. Specifically, the European Commission has set up a task force to assess whether the legislative, regulatory and supervisory environment is suitable for the technologies driving the development of financial services. This task force will release a consultation paper on 23 March to help the European Commission deepen its understanding of regulatory barriers, threats and opportunities in the fintech space looking at cyber security, big data and platforms among other things.. The Commission will most likely come forward with proposed actions in the Autumn.  Under the auspices of a European Digital Single Market, the development of a European fintech ecosystem is becoming increasingly relevant for the European Union, particularly as it strives to create an environment for European companies, start-ups and fintechs alike, to compete directly with competitors from the US and China.

Outcome awaited on Payments Account Directive consultation

BPFI is currently awaiting the outcome of the recent EBA Consultation paper on technical standards on fee terminology and disclosure documents under the Payment Accounts Directive. BPFI’s PAD Working Group submitted its response in December 2016 and feedback was also provided to the European Banking Federation (EBF) on its draft response. As we await the outcome of the consultation process, due in April 2017, we are working closely with the Department of Finance and the Central Bank of Ireland (CBI) in addressing a small number of issues that remain open relating to the Payment Account with Basic Features (PAWBF).

BPFI reviewing revisions to Payment Services Directive 2 RTS

BPFI is currently working with its members to analyse revisions made in respect of the Payment Services Directive 2 and prepare for changes in systems and processes ahead of the application deadline. This follows the recent publication by the European Banking Authority of the final draft Regulatory Technical Standards (RTS) on strong customer authentication and common and secure communication. These RTS, which were mandated under the revised Payment Services Directive (PSD2) and developed in close cooperation with the European Central Bank (ECB), pave the way for an open and secure market in retail payments in the European Union. The PSD2 provides that the RTS will apply 18 months after their adoption by the EU Commission as a Delegated Act.

BPFI responds to Minimum Competency Code Review

BPFI has provided a response to the Central Bank’s consultation on the review of the Minimum Competency Code 2011 (MCC). The response highlighted key industry concerns regarding the proposal to introduce a mandatory minimum period of experience for all retail products and the unintended consequences of such a development. It is the industry view that the current Central Bank framework, which includes the Minimum Competency Code, Guidelines on Variable Remuneration, Fitness and Probity and the Consumer Protection Code (CPC) provides a robust knowledge and competency regime.