‘Radical culture change’ needed in Irish banks

A “radical culture change” is needed if customer trust in the banks is to be repaired and restored, according to the deputy governor of the Central Bank.

Despite material changes in banking in recent years, there remains a “clear necessity” for the banking sector to undergo “further transformation”, Ed Sibley, the financial regulator’s deputy governor in charge of prudential regulation, told the Banking and Payments Federation Ireland national conference.

“It is evident that, in numerous ways, the banking industry has consistently failed its customers over the last decade. This is evident both in Ireland and internationally and is not sustainable. One of the fundamental expectations of banks is that they can be trusted; trusted with the funds that they hold, trusted that they will be there in the morning, and trusted to respect the primacy of their customers’ needs,” he said.