Frequently Asked Questions​​

What do you need to know about the Irish Banking Culture Board?​

Establishment of the IBCB

You can learn about the members of the board on our Meet the Team page.

We have been conscious from the outset that the shaping of the IBCB should be independent, inclusive and informed by both the views of staff within the industry and its customers and stakeholders.

To do this, we decided to ask for, listen to and act on the views of these groups most impacted by banking culture – consumers and bank staff.

In relation to Bank staff, it was essential to gauge the views of the almost 25,000 staff working in the 5 founding banks. This process needed to be independent, confidential and based off a rigorous and proven survey methodology. For this reason, we engaged the UK Banking Standards Board to carry out the survey using their highly respected methodology which has been used to survey over 70,000 UK banking staff annually since 2015.

The survey of Irish banking staff was conducted in October 2018 and comprised 37 questions grouped into 9 themes of Honesty; Respect; Openness; Accountability; Competence; Reliability; Resilience; Responsiveness and Shared Purpose. The response rate was high – with almost 60% of staff completing the survey. For more information see our full report here (link to report page).

We have been conscious from the outset that the shaping of the IBCB should be independent, inclusive and informed by both the views of staff within the industry and its customers and stakeholders.

To do this, we decided to ask for, listen to and act on the views of these groups most impacted by banking culture – consumers and bank staff.

It was essential for the IBCB to ask for, and listen to, the views of the public in relation to banking culture. Through a website (yoursaybankingculture.ie), which was supported by a press and radio advertising campaign, we received 747 responses from members of the public in relation to the role, remit and composition of the IBCB. We also received comments on a variety of wider aspects of Irish banking, both current and over the past 10 years.

The Stakeholder consultation exercise involved 38 face to face interviews with individuals and organisations from right across Irish society, including consumer organisations, small and large business, farmers, charities, youth groups, students, trade unions, the elderly, media, politicians and regulators. For more information see our full report here (link to report page).

The IBCB
While the IBCB is an initiative of the banking industry and is being funded by the five retail banks (Allied Irish Banks, Bank of Ireland, KBC Bank Ireland, Permanent TSB and Ulster Bank), the Board is an independent entity led by an independent, non-banking Chairperson, Mr. Justice John Hedigan. One of the most important tasks at establishment, was the composition of the IBCB Board. The Board has been developed very specifically to ensure:
  1. the Board is Chaired by an independent party, with no prior involvement or experience in banking or financial services;
  2. the position of Deputy Chair is held by a respected Corporate Governance professional;
  3. the corporate governance structure put in place ensures and demonstrates independence, and;
  4. key stakeholder groups are represented.
The Articles of Association for the Company explicitly require that, for a Board meeting to proceed, there must always be more non-Bank Directors present than Bank Directors.

The IBCB has a singular focus on culture. Its goal is to act as a transformative influence on culture within the banking sector – promoting and measuring an environment in which: ethical behaviour is made inevitable; fair customer outcomes are achieved; and reputation for competence is rediscovered.

The Board will not act as a lobbying or regulatory body nor duplicate the work of individual banks or the regulator.

Please read a little more about our Vision and Purpose.

The establishment costs and annual running costs are fully funded by the five main retail banks and founding members of the IBCB: Allied Irish Banks, Bank of Ireland, KBC Bank Ireland, Permanent TSB and Ulster Bank. This is indicative of the industry’s commitment to fostering a sustainable banking sector that adheres to the highest standards of professionalism.

Education is key to cultural change and the Institute of Banking are our educational partners. The IBCB are actively supporting two new University College Dublin accredited programmes developed by the Institute of Banking and the Association of Compliance Officers of Ireland. These programmes are focused on leading and managing effective cultural change in the financial services industry – each of the five member banks are supporting staff to complete these programmes.

If you have a complaint about your bank, we would recommend that you contact them, in the first instance, about the problem. Please note that if you are not satisfied with how your complaint / issue has been dealt with by your bank, you should consider contacting the Financial Services & Pensions Ombudsman (FSPO). The process for this is outlined on the homepage of their website.

If you would like to contact us please find out how on our enquiries page.

The Irish Banking Culture Board

For enquiries please see our Enquiries page.