Banking and Payments Federation Ireland Report highlights the need for a structured debate on the future of Banking in Ireland – Says FSU

Responding to the publication by the Banking and Payments Federation Ireland (BPFI) of their report on the Future of Retail Banking in Ireland John O’Connell, General Secretary of the Financial Services Union (FSU) commented:

“The FSU welcome all stakeholder’s engagement on the future of Banking in Ireland and today’s publication by the Irish Banking and Payments Federation of their report into the future of Retail Banking in Ireland is an important document that deserves attention. 

The FSU produced our own discussion document a few months ago calling for a structured and informed debate which would consider the views of all relevant stakeholders.

The idea of a Banking Forum has now been endorsed by a wide range of stakeholders including the Taoiseach, Michael Martin TD and has cross party support in the Dail.

The Minister for Finance announced recently that he has instructed his officials to examine proposals for such a review.  We look forward to the publication of the terms of reference for the review and to the debate that will follow.

Today’s publication by the BPFI feeds into this process and acknowledges some of the challenges facing the sector over the coming years.

The FSU would share the concerns about some of the challenges stated in the report like financial inclusion, financial literacy and overall financial wellness and look forward to discussing these and other issues with all stakeholders over the coming months” concluded Mr O’Connell

ENDS

Contact: Brian McDowell, Head of Communications and Public Affairs, FSU. Tel: 087-9161225. Email: brian.mcdowell@fsunion.org. 

Notes to editors:

• John O’Connell is available for interview, on request. 

About FSU: The FSU is Ireland’s leading union across banking and finance. We represent thousands of staff across the main retail banks, and we have members in more than 70 companies across the finance and fintech sectors. Our members are spread across the Republic of Ireland, Northern Ireland, and Great Britain. We are headquartered in Dublin and we also have a presence in Belfast. We are members of the Irish Congress of Trade Unions and UNI Global finance union.