Union wants a forum to discuss the future of banking in Ireland

Discussion paper raises the lack of public trust within finance and the closure or downgrading of branches

The recent uncertainty highlights the importance of discussing this crucial sector, and how its future can be best planned for, the FSU said.

The Financial Services Union (FSU) is calling on the governments in the Republic and Northern Ireland to establish a forum to discuss the future of the banking and financial sectors.

It comes in the wake of the recent turmoil in the area which has seen a major scandal rock Davy, Ulster Bank announce their plans to depart from the Republic and plans by AIB and Bank of Ireland to slash the number of branches.

The FSU has published a discussion paper entitled 'The future of banking in Ireland and Northern Ireland' that examines a range of issues including the lack of public trust within finance, the closure or downgrading of branches and ATMs, SME lending, financial exclusion, illiteracy, and digital exclusion along with banking culture and ethics and reviewing whistle-blower protection.

"The banking sector in Ireland is in turmoil, with redundancies and branch closures announced by a number of banks in recent months," FSU general secretary, John O’Connell said. 

He added that the recent uncertainty highlights the importance of discussing this crucial sector, and how its future can be best planned for.

“In simple terms, there is one central question that needs to be answered: ‘Is the banking system fit to serve the needs of society and the economy, now and into the future?’ No one can answer this question without engagement with all stakeholders. Customers, staff, management, trade unions, business and employers’ groups, and other community interests should all have their voices heard," Mr O'Connell said.

The FSU is publishing this discussion paper as its initial contribution to the debate on the future of banking and as an invitation for all stakeholders to get involved in the discussion. 

"We are delighted that Northern Ireland Finance Minister Conor Murphy has committed to exploring the creation of a banking forum in Northern Ireland: we are calling on him to convene such a forum, and for the Irish Government to do the same for the Republic of Ireland," Mr O'Connell said.