Changing Banking Culture in Ireland
The Irish Banking Culture Board (IBCB) Establishment Office has announced that Justice John Hedigan has been appointed to the role of Chairman of the new independent IBCB. The Board is an initiative of the banking industry which is aiming to rebuild trust in the sector and embed a customer-first culture.
The appointment follows a competitive process led by an independent selection panel comprising Dame Colette Bowe, Chair of the Banking Standards Board in the UK, Sir Callum McCarthy, former Head of the Financial Services Authority in the UK, and Dr Martin McAleese, former member of Seanad Éireann.
Justice John Hedigan was, until his recent retirement, a judge of The Court of Appeal in Ireland. Prior to that, he was a judge of The High Court from 2007 until 2016. From 1998 until 2007 he was a judge of The European Court of Human Rights.
In establishing the IBCB, the Chair will draw on the findings of a comprehensive consultation process announced in September this year to shape the purpose, structure and initial terms of reference of the independent Board. This process included a banking staff survey, an online public consultation (at www.yoursaybankingculture.ie) and stakeholder interviews with representatives from wider Irish society.
Colette Bowe, Chair of the selection panel for the appointment, said: “I am delighted that John has agreed to become the first Chair of the Irish Banking Culture Board. His professional experience and strong interest in improving banking culture for the good of Irish society will ensure that the IBCB gets off to the best possible start and I wish him every success in the role.”
Justice John Hedigan said: “I am honoured to have been appointed as Chair of the Irish Banking Culture Board. This is a challenging but most worthy endeavour. I am greatly looking forward to working with the new Board and engaging with all stakeholders, particularly bank customers, in facilitating and encouraging the highest standards of ethical conduct in this vital industry.”
Marion Kelly, Programme Director of the IBCB Establishment Office, said: “I am very pleased that the IBCB will be chaired by John Hedigan. John recognises that people’s confidence in the Irish banking sector has been shaken and the creation of this independent Board is part of a determined effort by the banks to introduce real and lasting cultural reform, for the benefit of those who matter most: bank customers. John’s extensive legal experience, including nine years on The European Court of Human Rights, makes him well qualified to be the first IBCB Chair.”
Justice John Hedigan will take up his role at the IBCB in January 2019. The IBCB Chair will be accountable to the independent Board, who will evaluate performance on an ongoing basis.
The ongoing public consultation (www.yoursaybankingculture.ie) to inform the establishment of the IBCB will close on Monday 10th December at 5 pm. The full findings of the wider consultation process will be published in Spring 2019.
