Union calls for bank board reform

BANK officials have called for more fundamental changes to be made to the financial services sector, including a major reconstitution of the boards of all banks, to restore integrity to the country’s banking reputation.

IBOA — the Finance Union (formerly known as the Irish Bank Officials’ Association) yesterday recommended a review of performance-related pay for the top executives of all the country’s main financial institutions as well as the establishment of a Commission on Banking as part of a series of initiatives to rebuild confidence in the banking system.

IBOA general secretary Larry Broderick also warned the Government against any move towards nationalisation of the country’s two main banks — AIB and Bank of Ireland — insisting they should be retained as independent bodies.