‘New bank culture board is rigged’ – Kilkenny TD John McGuinness

OUTSPOKEN Kilkenny TD John McGuinness has claimed the new board set up to improve banking culture is “rigged” in favour of the lenders and not customers.

Deputy McGuinness, who is also chair of the Oireachtas Finance Committee, said he lacked faith in the Irish Banking Culture Board (IBCB), which last week appointed 14 board members.

The IBCB as set up with the aim of restoring public trust in the banking system following the €1bn tracker mortgage scandal. The body is chaired by former Court of Appeal judge John Hedigan.

Deputy McGuinness said: “I was disappointed with the makeup of the new board because one of the things we learned during the whole tracker issue is that the banks will rush to stack the house against the individual. So you are dealing with a rigged deck of cards here.”

The IBCB is funded by the five main retail banks of AIB, Bank of Ireland, Ulster Bank, Permanent TSB, and KBC Ireland. This has led critics to question its credibility.