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The International Academy of Retail Banking (IARB), whose research and content division is based in Westport, Co Mayo, has announced that its Certified International Retail Banker (CIRB) qualification has been accredited by the Chartered Banker Institute of the UK, the oldest banking educational institute in the world. The IARB opened in Westport just over one year ago and currently employs 13 people in the town. A chief executive is currently being recruited. It intends to create around 40 jobs over the next three years, with the support of IDA Ireland.

The setting up of a new bank to cater for small and medium enterprises is essential as the mostly State owned banks are refusing to give loans.

As the Financial Regulator concludes his review on the banking sector, he is turning his attention to Credit Unions. His recent stress tests on Credit Unions are expected to show increased provision requirements on loan books and this is causing intense debate on the sector’s future direction.