BPFI Statement in response to publication of Banking Review Report
Tuesday 29th November 2022 – Banking & Payments Federation Ireland (BPFI) has today welcomed the publication of the Retail Banking Review Report by the Minister for Finance, Paschal Donohoe.
Speaking today, Brian Hayes, Chief Executive, BPFI, said “BPFI and its member banks welcome the publication of today’s report which comes at a critical time for the sector. The report contains recommendations both for industry and Government to implement.”
“BPFI will work in a constructive way to implement these recommendations and will establish an industry-wide taskforce to take the report’s conclusions forward in the weeks and months ahead.”
“The loss of two significant retail banks recently has put a spotlight on the landscape and the environment for retail banking in Ireland. The future of the retail banking sector, which employs over 20,000 people, must be based on a sustainable and commercially viable proposition, both of which are consistently recognised in today’s report and are fundamental in banks serving the needs of their customers, the economy and Irish society.”
“Today’s decision in moving towards a normalisation of bank pay and conditions is a welcome step. It recognises the challenges that retail Irish banks have in recruiting and retaining staff, especially for key roles. Rules on bank pay and conditions are firmly set out by the European Banking Authority (EBA). And while we fully acknowledge the reason for the introduction of these restrictions during a time of financial crisis and are extremely grateful for the taxpayers’ support, over the past decade the banking sector has undergone an unprecedented transformation both from a regulatory and operational perspective.”
“The detailed nature of this report, with over 30 recommendations, requires careful consideration by the industry across a range of issues. Through an industry taskforce, we will work closely with stakeholders to implement these measures as we continue to help shape a dynamic ever-changing retail banking sector.”
Note: 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 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.