Sir, - As a concerned professional dealing with Irish banks I am critical of the existing "code of ethics" promulgated by the Institute of Bankers in Ireland as shown on their brochure A Guide for Members (page 6, 7 and 8). This so called code is not a proper "code of ethics" and is an indictment as to why such a reputable, conservative and authoritative body should have been allowed to proclaim this without coming under the watchful eye of the Department of Finance and the Central Bank of Ireland.
The reasons for my concern are as follows:
The code is short, too general and not specific;
It is not a complete code, as it should be, but rather a memorandum;
The code is not positive and allows the preservation of faceless members to remain faceless in a coat of ivory;
There is no attempt to measure the degrees of accountability or to attribute responsibility to its members;
The code resembles a preamble to those codes enshrined with the comparable institutes in the other European member countries;
There is no comparison between the written codes promulgated by other professional institutes in Ireland, such as account ants and solicitors. Given the serious responsibility and trust empowered to bankers, it is some wonder how any detection of crime can be effective when a person trusting, and "in confidence" with, a solicitous banker would have to solely rely on the propriety of that member or employee of the bank, as it is loosely stated in the brochure.
The code is technically fraught with danger for any concerned and/or civic minded person, professional or otherwise, in trusting a member or senior bank employee in difficult circumstances, lest that banker acts unwisely and shrouds himself in a veil of conspiracy to silence.
Recent and new legislation legislates on important areas of bankers responsibilities, but this does not allow the Institute of Bankers of Ireland to acquiesce and do nothing more. Their memorandum states that their code is founded on mutual trust and public confidence. This should also include upholding state public policy, and be seen clearly to do so.
During the Irish presidency of the European Community, I therefore call on the Minister, the Central Bank and the Institute of Bankers in Ireland to show their true sense of responsibility and accountability and their solidarity with the other community members, and to write it all down clearly, so that we can all know where we stand. Yours, etc.,
First National House,
O'Connell Street,
Limerick.