Central Bank’s Behaviour and Culture Assessment: BPFI Statement
Banking & Payments Federation Ireland (BPFI) recognise that a great deal of work remains to be done to improve the reputation of – and trust in – the retail banking sector in Ireland.
In this regard BPFI recognises the importance and value of the work conducted by the Central Bank of Ireland (Central Bank) in undertaking behaviour and culture assessments of each of the five main retail banks; and are committed to working, together with our retail member banks, with the Central Bank in helping to bring about further improvement in the consumer focused culture of banking in Ireland.
For our part BPFI and our retail members have initiated work in two related areas. Good progress has been made in identifying the broad architecture, governance and functions of a new independent body on banking culture. Further details will be available later in the year regarding the appointment of an independent Chairperson and Board for this body. We have also advised the Central Bank and the Minister for Finance as to our support for enhancement of the current fitness and probity regime to implement a new framework of accountability.
“BPFI and our retail member banks accept our responsibility in leading the process of further building trust with customers, other stakeholders and the wider public; and to working with the Central Bank, with Government and other relevant authorities in delivering on this initiative”, stated Maurice Crowley, BPFI’s Acting Chief Executive.
Note: Banking & Payments Federation Ireland represents 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, email@example.com 087 9016880