Minister for Education launches Irish national finals of European Money Quiz 2019

Students across Ireland set to go head-to-head in the live online quiz final for a chance to represent Ireland in the European Finals in Brussels

The Minister for Education, Joe McHugh TD, today officially launched the Irish finals of the 2019 European Money Quiz, a European-wide financial education competition for 13 to 15-year-old students organised by Banking & Payments Federation Ireland (BPFI).

On Tuesday 12th March students in classrooms across Ireland will go head-to-head when they play the quiz simultaneously online in an innovative real time Kahoot! webcast on YouTube. The students will be vying to represent Ireland in the European finals of the quiz for which they will be flown to Brussels to take on students from over 20 other European countries for a chance to be crowned European Champions and share in a prize fund of €5000 for their school. In 2018 two students from O’Carolan College, Nobber, Co Meath took second spot in the European final beating teams from 24 other counties. In total last year’s quiz attracted more than 40,000 students across Europe.

The European Money Quiz has been launched as part of European Money Week (EMW), a joint initiative between the European Banking Federation and 30 banking associations across Europe – including BPFI, which aims to boost financial literacy levels and raise awareness on the benefits of financial education.

In addition to running the quiz, BPFI is also holding its Economist Masterclass Webinar for senior cycle business and economics students. Bringing together the chief economists from Ireland’s leading retail banks, the Webinar is set to stream into classrooms on March 28th allowing students right across Ireland to engage on the top economic issues of the day.

Registration for both the Quiz and Webinar are still open and details can be found here.

Welcoming the initiatives the Minister for Education and Skills, Joe McHugh TD, said: “The European Money Quiz and Economist Webinar are innovative and fun ways to engage students in the important area of financial education and will no doubt be of great value to teachers and students alike. 

“Learning about finance and how it relates to daily life and careers is vital for young people.  I commend both BPFI and the BSTAI in working to rollout these initiatives and would encourage all business teachers and students to use and take advantage of the benefits they will provide.”

Also speaking today, Felix O’Regan, Director Public Affairs, BPFI said: “We need to enable young people to get ready and understand the terminology they will come across in the future by inviting them to test and challenge themselves. That is exactly what our programme for European Money Week including the Money Quiz aims to do and everyone has fun too!  To achieve this we work in conjunction with the Business Studies Teachers Association of Ireland (BSTAI) and our member banks to develop a financial education programme of events, resources and engagements each year to help teachers equip Irish students with the right skills. We wish all students entering the quiz the best of luck and hope that whatever the result they will learn from the experience.”

BPFI’s participation in European Money Week is part of its on-going work in the area of financial education which also includes the development of, an online resource for teachers and students of business subjects at second level developed jointly with the Business Studies Teachers’ Association of Ireland (BSTAI) and member banks.


For further information contact Jillian Heffernan, Head of Communications, BPFI, 087 9016880

About European Money Week and European Money Quiz
Established in 2015, European Money Week (EMW) is a joint initiative between the European Banking Federation and over 20 banking associations across Europe – including BPFI. Taking place in March each year EMW consists of a series of events both at national and European level with the aim of raising public awareness on financial literacy and improving financial education for students at primary and secondary level. This year European Money Week will take place from the 25-29 March.

Now in its second year the European Money Quiz is a Europe-wide competition which aims to promote financial literacy among students aged between 13-15 year olds. The competition takes place in two phases, with national competitions held online in over 20 countries across Europe, including in Ireland, to determine the finalists from each country will be sent to Brussels to compete in the European Money Quiz European Final. The Irish national quiz will be held at 12 noon on Tuesday 12th of March and is organised by Banking & Payment Federation Ireland (BPFI). The European finals of the European Money quiz will take place on Tuesday May 7th and is organised by the European Banking Federation.

About BPFI
Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

SOLD OUT – Digital Innovation in Banking Services – SOLD OUT

This event is now sold out…

Banking & Payments Federation, in association with Deloitte will host a ‘Digital Innovation in Banking Services’ conference on Wednesday 3rd April 2019 in BPFI Conference Suite, One Molesworth Street, Dublin 2 from 9.00am – 12.30pm.

Europe is at the forefront of change in global financial services:

  • PSD2 and Open Banking have kick-started a revolution in payments, authentication, and account servicing.
  • Increased regulation and a new focus on culture and ethics has European Banks deploying AI systems, advanced Data Analytics, and Behavioural Science platforms to try to stay ahead of the growing challenges .
  • Competing positions are being drawn across industries on access in the new Data Economy.

Hear directly from those who are driving the change in this dynamic digital landscape and their predictions on how this new future will evolve.

The BPFI’s Annual Digital Banking Conference is Irelands leading and largest digital banking event covering innovation in consumer and commercial financial services around mobile, digital, AI, payments, data, disruption, channel and technology strategies.

Meet the Shapers of Digital Financial Services.

For individual bookings, please click on the ‘Book Now’ button below. For organisations who wish 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

Check if you are a member here.

BPFI responds to Discussion Paper on Outsourcing

BPFI has responded to the Central Bank’s discussion paper on findings and issues relating to outsourcing activity in the financial services industry which were based on supervisory engagements with regulated firms, the results of a cross sector survey of regulated firms and research from other industries, sectors and jurisdictions.

Outsourcing arrangements are widely utilised by the banking industry as they contribute to the efficiency and competitiveness of banks’ business models, in addition to enabling them to focus on their core business with access to skills and services that may not be available in house.

BPFI responded to this discussion paper with feedback from members with a specific focus on the definition of outsourcing, treatment of intra-group outsourcing arrangements and exit strategies in the context of outsourcing arrangements.

We also provided feedback on the key risks and evolving trends identified by the Central Bank for further discussion, which included governance around outsourcing arrangements, data protection, concentration risks around certain outsourcing activities as well as offshoring and substitutability in the context of business continuity management. BPFI members look forward to the industry event that will be organised by the Central Bank in 2019 to further discuss issues raised in this discussion paper as well as feedback it received.

Stakeholder Engagement

  • Our Acting CEO and Director of Public Affairs met with Deputy Michael McGrath, Fianna Fail Spokesperson on Finance and his assistant, Grant Sweetnam, to discuss a range of issues relevant to the banking sector.
  • Through our Head of EU Affairs, BPFI participated in the ECFIN Seminar for Financial Institutions’ representatives on the EU Commission’s economic agenda.  This took place as part of the EU Commission’s Stakeholder Outreach Programme.
  • BPFI was among the many stakeholders well represented at the recent launch of the Government-commissioned report into Benchmarking Ireland’s Payments Industry.  A panel discussion, which included our Acting CEO, highlighted the comparative positives for Ireland while focusing on the scope for development of a new, mobile-based payments platform.

SSM Priorities 2019

BPFI recently attended an industry dialogue organised the European Central Bank (ECB) Single Supervisory Mechanism (SSM) to provide further details on its 2019 priorities. Each year SSM draws up priorities to guide its supervisory activities, with the 2019 priorities published at the end of October 2018. The top three risks identified for 2019 are geopolitical uncertainties, non-performing loans (NPLs) and cybercrime and IT disruptions.

In relation to NPLs, the SSM outlined that they will follow up with all significant institutions (SIs) with a view to defining bank specific supervisory expectations based on benchmarking of comparable banks guided by the banks’ individual NPL ratio and its main financial features, in order to achieve reduction in legacy NPL ratios as well as same coverage of the stock and flow of NPLs over the medium term. In addition, the SSM will focus on the quality of new lending in specific asset class exposures in commercial and residential real estate as well as leveraged finance through on-site inspections. On IT risk related topics, the SSM envisages an enhanced supervisory intensity in 2019 where supervisory activities in the form of on-site inspections will inform the SREP assessments. Cybersecurity is one of the main topics, along with Brexit, in an industry dialogue being organised by the SSM for SIs, which will take place in early March with BPFI members in attendance.

BPFI guide for vulnerable customers receives NALA Award

BPFI was delighted to receive a NALA Plain English Award for our ‘Guide to Safeguarding Your Money Now and in the Future’. The guide was awarded third place in the category ‘Best use of plain English by an organisation’. Published by BPFI and member banks, the guide provides advice to consumers on how to prepare for a time when assistance may be needed to manage their money. It also seeks to raise awareness of financial abuse and fraud, which can impact on anyone regardless of wealth or age.

The guide, which can be downloaded here, is available from banks and the offices of many Safeguarding Ireland members, including HSE Safeguarding Teams across the country. Carrying the Plain English Mark from NALA, it was developed by BPFI and participating banks AIB, Bank of Ireland, KBC, permanent tsb and Ulster Bank. The guide encourages customers to take control of their banking and to be aware of the risk of financial abuse, which unfortunately can be committed by people known to them.

Accepting the award at a ceremony held by NALA, Louise O’Mahony, BPFI Head of Sustainable Banking said: “Banks recognised they could provide their customers with some practical tips and advice to help manage their money and to keep control of their finances, no matter what their circumstances. The opportunity to work with NALA was fantastic as their input really helped us make our key messages as clear as possible.”

BPFI participates in the Safeguarding Ireland Committee which seeks to promote a culture of safeguarding vulnerable customers and whose participants include the HSE, many advocacy bodies and charities, as well as service providers and An Garda Siochana. Raising public awareness of financial abuse is key to safeguarding customers and to this end the Safeguarding Ireland Committee has played a crucial role in informing BPFI and members of the experience of adults at risk.

Responsible Banking Workshop

BPFI recently attended the European Banking Federation’s (EBF) Responsible Banking Workshop, jointly organised with the Finance Initiative of the United Nations Environment Programme (UNEP FI). The workshop was an opportunity to consider the draft Responsible Banking Principles (RBP) launched last November with a view to setting a global benchmark for sustainable banking that seeks to align banking with the UN Social Development Goals while fostering a profitable, competitive sector.

The six principles (alignment, impact, clients and customers, stakeholders, governance and target setting, transparency) provide a helpful framework to guide the integration of ESG into banks.

BPFI will leverage the information and expertise provided at the workshop to consider the UN RPB with its members.

EC Switching Study

The European Commission have commissioned a study on the switching of retail financial services products focussing on:

  • Payment accounts,
  • Mortgages,
  • Mortgage Insurance,
  • Home Insurance.

This study has three main goals relative to the mortgage product initially.

  • To determine an optimal product switching benchmark, against which switching of mortgages would be measured across member states with a view to measuring the gains of reaching or exceeding this level.
  • To identify the legal and commercial barriers to switching of mortgages.
  • To propose potential solutions to these barriers.

The results of this study will feed into the review of the Mortgage Credit Directive (MCD). BPFI will monitor the development of this study keeping its members updated.

Mortgage Credit Directive

BPFI recently attended the first European Banking Industry Committee (EBIC) Working Group on the Mortgage Credit Directive (MCD).  The European Commission was due to have completed a review of the MCD by March 2019, however as some member states were delayed in transposing the Directive, this has been postponed to Q1 2020.  The EC have however commissioned a study to support the review, and this will take place over the course of 2019.  A Terms of Reference is currently being worked on and it is expected that research will take place over the summer months in order to deliver the study by Q1 2020.

Depending on the conclusions of the study and the EC’s assessment of same, legislative changes may be proposed.  There is no obligation on the EC to conduct a formal public consultation unless legislative changes are proposed.

Some items that have already been identified as being particularly relevant to the review are:

  • Foreign Currency Loans (Article 23)
  • Digitalisation
  • Sustainable Finance

BPFI will work its members to feed into the study and review throughout 2019.

BPFI hosts Year of Sustainable Finance launch

BPFI recently hosted the inauguration of Ireland’s Year of Sustainable Finance 2019, which was launched by Minister of State with responsibility for Financial Services, Michael D’Arcy TD. The event, which took place in BPFI’s new offices on behalf of Sustainable Nation Ireland and IFS Ireland, was part of the annual European Financial Forum.  The event brought together an array of some 70 stakeholder representatives to examine the EU Action Plan for Financing Sustainable Growth and Ireland’s response. Introduced by Finance Green Ireland Committee Chair, Pat Cox, there were presentations by  Minister D’Arcy and Sean Kidney, CEO of Climate Bonds Initiative and member of the European Commission’s Technical Expert Group on Sustainable Finance. The Year of Sustainable Finance 2019 is a programme of over 30 events, skills-based and innovation activities to support and showcase Ireland’s leading role as an international sustainable finance centre. The programme will be overseen by Sustainable Nation Ireland, the non-governmental organisation that promotes Ireland as a major global hub for sustainable finance and responsible investment. Under IFS2020, Sustainable Nation Ireland is tasked with developing a national sustainable finance blueprint for Ireland.

BPFI participates in the European Banking Federation’s (EBF) Sustainable Finance Working Group and on the Finance Green Ireland Committee, and has also established the BPFI Sustainable Finance Forum to prepare the sector for the impact of climate change on the financial services sector.