Motion no: 5
Mindful of the unprecedented changes that have taken place in the banking sector since 2008which have not only included the major convulsions associated with the widespread restructuring of key institutions but also the substantial transformation in the delivery of services to customers;Recognising that the cumulative impact of these developments on workers in the banking sector has been far-reaching in terms of job losses and reduced living standards while customers have generally experienced higher charges for lower levels of service; Considering that after six years of largely negative annual results, the major financial institutions on the island of Ireland have recovered to the extent that they have all recently returned or are about to return to profitability; Noting the report of the Northern Ireland Affairs Committee of the House of Commons at Westminster into recent developments in banking in Northern Ireland; Conscious that an inquiry into the banking crisis is currently being conducted by a special committee of the Oireachtas in the Republic; his Biennial Delegate Conference of the Irish Congress of Trade Unions believes that the principle of respect is at the core of fair banking: respect for customers or clients, respect for employees and respect for communities. Accordingly, Congress resolves to adopt the following principles as the basis for a Charter for Fair Banking which it will promote through all appropriate media and fora with a view to securing its adoption by all banks operating on the island of Ireland: The principle of respect treats customers fairly by prioritising the provision of individual service over the attainment of sales targets and by offering value for money in all financial products and services. The principle of respect treats employees fairly by encouraging their full participation in the key decisions which affect their working lives on the basis of an ongoing process of comprehensive negotiation with their trade union representatives. The principle of respect treats communities fairly by upholding equitable employment policies and practices, contributing to balanced economic and social development and working to protect the environment. The principle of respect ensures that the governance and regulation of the banking sector is undertaken in the public interest based on the highest ethical standards backed by appropriate resources to ensure compliance. The principle of respect ensures that remuneration policies within the banking sector reward prudential business practice and penalise excessive risk-taking. The principle of respect ensures that social diversity informs all aspects of banking operations including the acquisition of customers; the recruitment, retention and promotion of employees; and the governance of these institutions.The principle of respect requires that, in all aspects of their business, banks honour both the spirit and the letter of legal measures to secure the timely payment of all taxes, levies and other charges due to the state.The principle of respect values the promotion of long-term sustainability over short-term profiteering in the investment policies of all banking institutions. The principle of respect underpins a positive approach to economic policy whose overriding aim is to focus on building constructively for the future rather than exploiting temporary difficulties in pursuit of narrow institutional interests. The principle of respect encourages variety in the ownership models in banking including the formation of a State-funded institution designed to contribute to the long-term development of the economy as distinct from providing temporary respite for distressed banks destined to returned to the private sector.
