IBOA calls for 'new culture' in banking

The Irish Bank Officials' Association (IBOA) called for a ‘new culture’ in banking this afternoon saying the entire course of…

The Irish Bank Officials' Association (IBOA) called for a ‘new culture’ in banking this afternoon saying the entire course of banking in Ireland had been totally changed during the last two weeks.

The union, which represents over 20,000 staff in the country's banking and finance industries, wants a forum established to oversee the future of the industry.

The new body should be representative of all of the stakeholders in banking including customers and staff, according to IBOA General Secretary, Larry Broderick.

Addressing a conference of union representatives in Portlaoise today, Mr Broderick said he believed significant changes were likely in the structure of Irish banking in the wake of the Government's intervention last week.

"The new landscape for the banking industry will also involve much stricter regulation and more transparent governance of the financial institutions in order to restore public confidence and to minimise the risk to taxpayers," he said.

Mr Broderick said the union was "determined" in any restructuring to ensure due care and attention was given to the interests of the many thousands of staff working in the financial services sector who have made a substantial contribution to the profitability of these institutions in return for modest rewards.

He called for a return to the traditional values of banking – prudence, integrity and long-term stability.

The narrow focus on the short-term maximisation of shareholder value and the culture it generated is precisely what caused the current difficulties throughout the global financial services sector," he said.

"The public interest, which will be an integral feature of the new landscape, should ensure a more balanced and secure future for our industry, our economy and our society."