Greater transparency, treating customers with fairness and maintaining the highest ethical standards will be the focus of a new board tasked with overseeing a change in banking culture.
The Irish Banking Culture Board has been established to ensure a change within the banking system for staff, customers and stakeholders.
One of the key findings of a survey from customers is that there is not enough transparency and there should be ‘less jargon’ in banking documents.
Chairperson of the IBCB is former Court of Appeal judge John Hedigan, who says it is time the banks gave something back to the public who helped bail them out.
“To whom much is given, much is asked,” said Mr Hedigan.
“And the Irish people gave to the banks their salvation at huge cost to themselves.
“And they deserve to have something very significant given back in return. And this, I hope, is it.”