Banking standards body to be set up

Heads of the country’s five main banks have told the Department of Finance they will establish an Irish Banking Standards Board to “start the process of rebuilding trust and confidence in the industry” following the tracker mortgage scandal.

Heads of the country’s five main banks have told the Department of Finance they will establish an Irish Banking Standards Board to “start the process of rebuilding trust and confidence in the industry” following the tracker mortgage scandal, writes Pádraig Hoare.

The five chief executives of the main retail banks — AIB Bank of Ireland, KBC, Permanent TSB and Ulster Bank — said the new board will be broadly modelled on the Banking Standards Board which operates in the UK.