The Irish Bankers' Federation (IBF) has published the first industry-wide Code of Ethics and Practice, which is intended to serve as a model for individual institutions.

Mr Sean FitzPatrick, president of the IBF and chief executive of Anglo Irish Bank, addressed industry representatives at the publication of the new code.

He said it was the first step to better practice across the industry. "The industry must do everything in its power to ensure that we do not warrant in the future the degree of criticism that has been meted out to us in recent times."