Minister for Finance, Public Expenditure and Reform Pascal Donohoe has welcomed a proposal for a new entity to be known as the Irish Banking Culture Board. The Board is set to be an independently-led entity established by the five Irish retail banks. The initiative will focus on behaviour, ethics and culture, but will do so through standards rather than strict rules. It is proposed that the running costs will be borne by the banks themselves. The review and design phase has now been completed.