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Cross bank Co-ordination Group continues its work on industry wide plan to manage coronavirus situation

Niall Faherty

A cross bank Co-ordination Group, chaired by BPFI, continues to work on an industry wide plan to best manage the continued provision of banking services in the event of an escalation of the coronavirus (COVID-19) nationally or an outbreak of the virus in a particular area of the country.

The Group includes Chief Operating Officers (COOs) as well as senior experts and specialists from across the major banks in Ireland.

Speaking today, BPFI CEO Brian Hayes said: “The Co-ordination Group has to date reviewed and assessed a wide range of areas within banking services that could be impacted should there be an escalation of the coronavirus situation and is co-ordinating an industry wide response plan to deal with such circumstances. Engagement with The Central Bank of Ireland (CBI) and the Department of Finance (DoF) is also underway.”

“The group has focussed on core payment services, assessing the possible impact to customers in the event of an escalation of the situation. Services that the Group is looking at include Cash Distribution, Paper Clearing, Card Payments, Electronic payments such as Credit Transfers and Direct Debits”, said Mr. Hayes.

The Group is also considering the following as part of its ongoing work:

  • Public health issues for employees and customers
  • Availability of key personnel
  • Communication plans
  • Provision of key services from 3rd party providers
  • Premises relocation options

The BPFI Chief Executive said: “Health issues and duty of care to employees and customers are a priority for banks who are closely following HSE and Department of Foreign Affairs guidelines on the coronavirus and are continuously monitoring Government led updates and developments. However, given the role of banks and payments services in the day to day economic activity of the country, the cross bank Co-ordination Group is also focused on a co-ordinated response plan that will enable banks to react to fast changing circumstances and help them to best manage continuity of bank services to customers across a range of areas in the event of an escalation of the coronavirus situation.”

All aspects of the banks’ contingency planning will be directed by ongoing advice and updates from the HSE and other relevant bodies and Departments in order to ensure that public health issues remain a priority.

BPFI and its members will continue to monitor the situation as part of its preparations for a co-ordinated response should an outbreak arise.

 

For further information please contact:

Olivia Buckley, Director Public Affairs, BPFI, One Molesworth Street, Dublin 2.
Tel: + 353 87 6298113/ + 353 1 6715311
Email: olivia.buckley@bpfi.ie

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