InBus_Win09_1-55:InBusiness 1-61 11/12/2009 17:20 Page 27
Vox Pop | FEATURE
funding for viable businesses and facilitated wants not just to survive, but to thrive, customer
some €300m in European Investment Bank value must drive everything that they do.
funds. On the consumer front we have added Companies must realise that their customer
further commitments to the existing statutory relationships are the key to long-term stability.
protections like the Code of Conduct on Organisations must move away from
Mortgage Arrears – the lenders’ pledge on transactional business and towards synergistic
home repossessions and the protocol with partnerships – it’s all about rebuilding trust
MABS on debt management. and value.
We are determined to remain focused on It is of paramount importance to Irish
working with Government and our many other business that we strike the balance between
stakeholders, including Chambers Ireland, to entrepreneurial growth and measured financial
drive out the solutions that will help to rebuild commitment. Whilst all organisations who wish
the confidence and restore the growth to which to survive must be cost efficient, I fear that the
we all aspire. recession will make organisations extremely risk
averse. It is very important that we learn to take
calculated risks for growth. We must regain a
PAT FARRELL measured confidence.
Chief Executive, Irish Banking Federation Diversification will be key to the spread of
The last year has been particularly difficult for risk and by listening to customer’s needs and
the banking sector, for our business and being market focused, Irish business will be able
personal customers and for the economy as to look to new markets, both from a service-led
whole. I fully acknowledge the central role that and perspective and geographically. Irish
our sector has played in bringing us to this business should not wait for the government to
point, a role for which we have unreservedly re-build the reputation of Ireland Inc. on a
apologised. There has been a failure by some global scale; we should take the lead ourselves.
significant elements of the banking industry to Hopefully, another key legacy of 2009 will
measure and manage risk effectively. We built be that the government takes proactive steps to
complexity and opacity into the investment focus on domestic job creation through the
banking sector globally which defied support of indigenous enterprise rather than
understanding. And while our domestic putting all of our ‘eggs’ into the FDI basket. So
problems were not so much in the latter space, CATHY MCCORRY far the Government has not done enough to
we certainly helped to create our own home- Managing Director, Grafton Recruitment support local business. Ireland must reinvest in
grown crisis with a property asset price bubble The most noticeable legacy for Irish business skills and education, small business, and
of unprecedented proportions. will be the return to delivering measurable value technology to drive the value proposition that
We realise that, as a result, it will take a long for customers. I believe that customer value is will be Ireland Inc. in the future. We must
time to regain the trust and confidence that is one of the key strengths that Irish business has innovate to survive. This cannot be done with
so crucial to the welfare of banking. to offer on a global scale. For any business that out providing accessible finance and skills to
But as the leading representative small and medium enterprises.
body for the sector, IBF has
been fully committed to
working with our member
institutions towards that
objective – by helping to deliver
for our business and personal
customers the solutions that will
support them through these
very challenging times. Over
the past year or so, we have,
for example, worked with the
authorities and other
stakeholders in the
development of the Code of
Conduct for Business
Lending to SMEs, while
IBF-member institutions
have provided an
additional €3bn in
InBusiness Winter 09 27
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