Bank of Ireland statement on publication of Report of Commission of Investigation into the Banking Sector in Ireland
– Bank will address findings of Report
– Significant progress made on corporate governance in past two years
– Bank will provide Board Renewal Report to Minister and NTMA
Bank of Ireland notes the Report of the Commission of Investigation. The Bank co-operated fully with the investigation and made extensive information available. The Bank will study the findings and recommendations carefully and will address them as they apply to the Bank.
Bank of Ireland considers it important to draw on the lessons of the past to help in the work of continuing to build a sustainable business for the future. A number of important steps have already been taken by Bank of Ireland over the past two years to improve governance and risk management, including; an independent Review of Risk Governance commissioned by the board of Bank of Ireland in early 2009 whose recommendations have been implemented and the establishment of a Board Risk Committee, comprising solely of non-executive directors, which has been in place since mid 2009. A Central Bank of Ireland mandated review of Risk Governance and Risk Management (over the period January 2009 – September 2010) carried out by Boston Consulting Group found that Bank of Ireland is now broadly aligned with best international practice in these areas.
As in other areas of business where Bank of Ireland has made significant progress over the past two years, the Bank will continue to work hard in a focussed manner to continue to enhance governance and risk management as international best practice continues to evolve.
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The Bank is also very aware of its responsibilities to provide a considered and comprehensive Board Renewal Plan to the Minister for Finance and the NTMA and will be doing so.