FSU welcome publication of the terms of reference on the review of Banking

23 November 2021

Proper stakeholder engagement is crucial to its success says FSU


John O’Connell, General Secretary of the Financial Services Union has welcomed the publication by the Department of Finance of the terms of reference for a review of Banking.

Commenting on the publication John O Connell said:

“The FSU have campaigned for the last twelve months for the establishment of a Banking Forum where all relevant stakeholders would be involved and where a structured debate on the future of Banking could take place. I am pleased today that the Minister for Finance has accepted our suggestion and has published terms of reference for the review.

The terms of reference are broad and cover most of what was included in our proposal submitted to the Department last year.

The FSU look forward to contributing to the review and to meeting with officials from the Department in the near future.

It is important that the review is inclusive of different voices and is transparent in its nature.

At a minimum there should be a number of roundtable discussions where stakeholders can transparently debate the issues in a structured manner.

I am delighted that a public consultation will be part of the review and I would urge all citizens to make their voices heard.

The timetable set by the Department for completion of the report is tight.

The FSU will work with everyone in a constructive manner so that staff, customers and communities will have a voice at the table in creating a future banking system based on a stakeholder centric model.”