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Paschal Donohoe says the Central Bank may take action if diversity at banks doesn't improve

A Central Bank report found that 80% of senior appointments in recent years were men.

THE MINISTER FOR Finance has said the Central Bank may be forced to take action if there is no improvement in diversity in the senior posts at Irish banks.

Speaking in the Dáil, Paschal Donohoe said this diversity extends beyond gender to include diversity in “personality types, educational background, ethnicity, and diversity of thought”.

The minister added that improving diversity in financial institutions can: “mitigate the risk of groupthink, improve decision-making, increase the effectiveness of internal challenge and enhance firm culture.”

In responding to a question by Tommy Broughan TD, Donohoe referenced a 2018 report which pointed to a severe gender imbalance in the financial services sector.

The Central Bank’s diversity and inclusion assessment looked at applicants and appointments to financial institutions that require its approval

The report found that 80% of the senior appointments between 2012 and 2017 were men.

In the most senior roles the gap was even more stark, with women comprising just 12% of applicants to the boards of Irish financial institutions.

The report noted that there have been some improvements in recent years, with the percentage of senior appointments in 2017 increasing to 29%.

In the assessment, the authors noted a lack of diversity can lead to “the risk of over-confidence in decision-making” and a “reluctance to change”.

In his Dáil reply, Donohoe noted that senior officials in the Central Bank have continually addressed the topic directly with bank officials “through a comprehensive series of speaking engagements” but may have to do more.

“However, in the absence of improvements in diversity at senior levels in regulated firms, the (Central) Bank will consider whether it is necessary to introduce further requirements,” he said.

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    Mute Simon Eales
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    Apr 18th 2023, 7:17 PM

    I know this is a copy and paste from Press Association but please, Journal.ie, the name Derry is just fine.Your Irish readers don’t need to see the “official” name in the first paragraph.

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    Mute johnbrady
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    Apr 18th 2023, 7:44 PM

    Londonderry?

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    Mute Pat Barry
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    Apr 18th 2023, 8:11 PM

    @johnbrady: NI budget bigger than our’s so I think they’re entitled to that moniker.

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    Mute Joe Johnson
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    Apr 18th 2023, 8:36 PM

    Nobody is going to push the DUP in into anything , they can say NO all on their own.

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    Mute Paulco
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    Apr 18th 2023, 8:55 PM

    They are nothing but a bunch of Drama Queens !!

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    Mute Richard Ahern
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    Apr 18th 2023, 8:34 PM

    No, simply calling it Derry is not fine. Both sides need recognition so it’s Londonderry, Derry/Londonderry, L/Derry, Stroke City or something similar. Really annoying when rte refer to it only as Derry without also mentioning the correct official name of Londonderry.

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    Mute Brendan McGowan
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    Apr 18th 2023, 9:38 PM

    @Richard Ahern: It’s almost as annoying as someone using rte instead of RTÉ, Raidió Teilifís Éireann, the correct official name of the broadcaster. Fadas matter!

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    Mute Kevin Burke
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    Apr 19th 2023, 2:13 AM

    @Richard Ahern: strange thing to let annoy you

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    Mute GERARD KENNELLY
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    Apr 19th 2023, 5:10 AM

    Juanita Broaddrick
    Leslie Millwee
    Paula Jones
    Kathleen Willey
    Cristy Zercher
    Eileen Wellstone
    Sandra Allen James
    Karen Hinton

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    Mute Joe x
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    Apr 18th 2023, 9:27 PM

    Looks like some one too k

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    Mute Joe x
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    Apr 18th 2023, 9:32 PM

    @Joe x: looks like someone took offence to my suggestion of holding back salaries until Stormobt is reestablished and they are doing the jobs they are elected to do…..represent their constituents

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