High profile performance failures persist across all types of financial services firms – notable recent examples in Ireland include serious failings of basic controls with regard to anti-money laundering, and the systemic, acute and unacceptable shortcomings in the treatment of tracker mortgage borrowers. Looking beyond the specific regulation breaches, these issues point to the need for cultural change.
At the same time, Greece will receive 40 billion euros from the Structural Funds over the coming years and also increased foreign direct and indirect investment is expected to be attracted.