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Document1/1 – 13.4.99 (18:11)





Addressing a conference of Union representatives, IBOA’s General Secretary, Larry. Broderick, told delegates that the entire course of banking in Ireland had been totally changed during the last two weeks.



“In the wake of the Government’s intervention, I believe that significant changes are likely in the structure of banking in Ireland. IBOA is determined to ensure that in any restructuring, due care and attention is given to the interests of the many thousands of staff working in the financial services sector who have made a substantial contribution to the profitability of these institutions in return for modest rewards. The key priority for our members is job security – which will, in turn, provide a guarantee for customers on the maintenance of services and standards.



“The new landscape for the banking industry will also involve much stricter regulation and more transparent governance of the financial institutions in order to restore public confidence and to minimise the risk to taxpayers.



“This in turn should lead to a new culture in banking – which should be based on a return to what might be called the traditional values of prudence, integrity and long-term stability. The narrow focus on the short-term maximisation of shareholder value and the culture it generated is precisely what caused the current difficulties throughout the global financial services sector. The public interest – which will be an integral feature of the new landscape – should ensure a more balanced and secure future for our industry, our economy and our society.”



Mr. Broderick added that the IBOA would continue to lobby Government, political represnetatives and the regulatory authorities in both Ireland the UK to ensure that the interests of staff are taken on board in developing a new framework for the future of the financial services sector.



IBOA represents over 21,000 workers in the financial services sector in the Republic of Ireland, Northern Ireland and Britain.



See IBOA media release of 9.10.08: http://www.iboa.ie/banking_crisis2008.htm#item14