The unacceptable behaviour of the Irish banking sector in relation to the sale and subsequent withdrawal of tracker mortgages in Ireland was the key catalyst for the establishment of the IBCB. It is imperative that the sector demonstrates that it has learned lessons from this period. The IBCB is committed to working with its member banks and its stakeholders with the aim of rebuilding trust in the sector through demonstrating a change in behaviour and overall culture.

We are encouraged by some of the cultural improvements we have seen in our member banks, in particular in relation to Speaking Up, proactive supports for customers with specific financial support needs, and strong vocal commitment of the leadership across our member banks in recognising the need for cultural change.

Changing culture takes time. It is a long-term and evolving process which requires persistence, courage and commitment. Accountability is key and the IBCB and our member banks strongly support the introduction of a Senior Executive Accountability Regime (SEAR) in Ireland and we are contributing to the debate in relation to how this will be introduced.

The IBCB notes the announcements and fines from the Central Bank to date in relation to its investigation of tracker mortgages in PTSB, KBC Bank Ireland and Ulster Bank. As the Central Bank’s investigation into other IBCB member banks remains ongoing, the IBCB will not be commenting on any one individual investigation report. The Board will issue a comprehensive statement once the process has been completed for all member banks.