Health of Financial Sector Relies on Substantial Expansion in Education and Training, incoming president tells AGM

09.03.2007 - Mr. Cormac McCarthy, Group Chief Executive of Ulster Bank, was elected president of the Institute of Bankers in Ireland (IOB), at the Institute's AGM on Wednesday, 07 March 2007.

In his inaugural address Mr McCarthy told delegates at the meeting that substantial expansion of higher-level education and training in financial services was essential to ensure the continued health of this economically vital sector.

Mr McCarthy, who replaces John Trethowan of National Irish Bank as president, told delegates at the meeting that among state agencies and at government level there was a growing realisation of the need for such expansion. The new president went on to outline the pivotal role the Institute of Bankers in Ireland will play in this development, including the planned joint undertaking with UCD to establish the Global Finance Academy of Ireland, a world class centre of excellence in research in finance.

“The establishment of such a research body has been identified in the government’s recent strategy report ‘Building on Success’ as being essential to ensuring that Ireland becomes the location of choice for high-value added financial services. The Institute is well-positioned to play a substantial role in GFA Ireland, as this important initiative evolves,” Mr McCarthy said.

The collaboration with UCD follows an agreement between the Institute of Bankers and University College Dublin on a long-term strategic alliance and the creation of a School of Professional Finance, which was signed last May. “This was a landmark event in the development of the Institute and will ensure that’s it continues to provide its members and their industry with world-class education,” the new President said in his address.

Cormac McCarthy has been Group Chief Executive of Ulster Bank since 2004. Before his appointment as Chief Executive of Ulster Bank, he held a number of top management posts with First Active, including Chief Financial Officer and Chief Executive. His earlier career was with Woodchester Investments plc where he held a number of senior positions. He is a graduate of UCD and is a Chartered Accountant and a Fellow of the Institute.

Mr Richie Boucher of Bank of Ireland was elected Deputy President of the Institute at the AGM.

The Institute of Bankers in Ireland was founded in 1898 and is one of the world’s longest-established and most respected banking institutes. It is also one of Ireland’s largest professional education bodies with 25,000 individual members and almost 50 corporate members, which include most of Ireland’s leading banks and financial institutions.

In the academic year 2005/6, 6,000 students studied on the Institute’s qualification courses, ranging from certificate to master’s degree.

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