Ed Sibley: Retail banking - delivering for consumers?

Address by Mr Ed Sibley, Deputy Governor (Prudential Regulation) of the Central Bank of Ireland, at The Banking & Payments Federation Ireland (BPFI) - National Retail Banking Conference - "Delivering for the Customer", Dublin, 12 November 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Good morning ladies and gentleman. I am delighted to be here today at the Banking & Payments Federation Ireland (BPFI) Annual Retail Banking Conference.

The theme of the conference "Delivering for the Customer" is clearly important - arguably never more important, given the low levels of trust that customers have in the retail banks operating in Ireland.  Indeed, this is so problematic that an entirely new organisation, the Irish Banking Culture Board (IBCB), has been set up with one overriding mission: "to make banking in Ireland trustworthy again." While not unique to Ireland, it is remarkable that this is necessary. 

Moreover, as is evident from the agenda of and speakers at today's conference, the approach to delivering for your customers is undergoing fundamental change. 

The Central Bank's mission is to serve the public good by safeguarding monetary and financial stability and working to ensure that the financial system is operating in the best interests of consumers and the wider economy.