Banking’s ‘corrosive culture’ must end

The corrosive culture that pervades the Irish banking sector must be eliminated, the deputy governor of the Central Bank Matthew Elderfield declared yesterday in a key address at UCC.

Mr Elderfield said that while most of the challenges facing the banking sector were financial in nature, there was one that was not but was nevertheless absolutely essential.

“We need to see a substantial, deeply rooted and sustained change in the culture that operates within the Irish banking system,” he told the Association of Compliance Officers in Ireland.