Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Moving on to the new banking culture board, as Senator Rose Conway-Walsh said, there is a lot of scepticism around what can be achieved by that entity. It is being funded by the industry. I am not suggesting that taxpayers should fund it and in that context, one might ask how else it would be funded. It is being funded by the industry and is an industry initiative. It is important that there would be a non-banking majority on the board. I and others have engaged with Mr. Justice Hedigan and his team at the various consultations and have given our tuppence worth. We will see, when the report is published in April, exactly what is being recommended.

Is it not a fact that banks are commercial organisations that are seeking to maximise profits? They are accountable to shareholders and looking for returns from dividends and capital appreciation by way of share prices increasing. Because of that mandate, at every turn they will seek to maximise returns and profits. Who within them is advocating for consumers? Who within the banks does the Banking and Payments Federation of Ireland expect to advocate on behalf of and in the best interests of consumers? I do not see that it is anyone's job within them to do so, nor would it be easy to do so, given their overall objective. It is fine to have a board and all of these strategy statements and plans in place, but is a bank not just going to seek to maximise profits because that is its job?