Cowen demands highest banking standards

Minister for Finance Brian Cowan today told banking leaders that he will not accept poor service which could risk the industry's reputation.

"I am happy to promote our industry as a provider of services internationally. But I will never be an apologist for bad service to consumers or for practices that put at risk the reputation not just of individual institutions, but of the Irish financial services industry at large," he warned.

Minister Cowen was speaking at the inaugural lecture on Leadership in Financial Services hosted by the IFSI (International Financial Services Institute) which is based in the National Collegeo of Ireland.

The Minister cited a recent Price Waterhouse study which suggested reputational risk is “now regarded as the greatest threat to an organisation’s market value”.

"The best way to protect against reputational risk is for institutions to ensure high standards of professional conduct in dealing with clients, at all levels. As a new Finance Minister, though not a new Minister, I want you to know that I am happy to champion the cause of Ireland as a centre for financial services," said Minister Cowen.