Oireachtas Joint and Select Committees

Thursday, 4 April 2019

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Matters Relating to the Banking Sector: Bank of Ireland

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

On a related point, when it comes to the bank making decisions in its operations and putting the consumer first, it is a great slogan but what about when it runs counter to profit maximisation goal of getting the best possible return for investors? Bank of Ireland is part of this bank culture board which will be reporting in the next ten or 11 days and we will see what it comes up with. Bank of Ireland has contributed and has helped to pay for that initiative. What is Bank of Ireland going to do to put the customer's voice at the centre of its operations? How can it square that circle whereby what is in the best interests of the consumer is often not in the best interests of the bank, certainly in the short term?

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