Who will represent the taxpayer on Irish bank boards?
The State’s €440 billion bank guarantee scheme gives the Minister for Finance, Brian Lenihan, the power to appoint at least one but no more than two non-executive directors to the boards of the covered Irish banks to represent the taxpayer’s interest.
Mr Lenihan and the Department of Finance are compiling a panel of individuals from which the banks must choose one or two to appoint to their boards.
No names have been announced by the department yet, but two former chairmen of the Revenue Commissioners, Dermot Quigley and Frank Daly, have been mentioned as possible appointees.
Former central bankers and regulatory figures are also likely to figure on the panel. The former chief executive of the Irish Financial Services Regulatory Authority, Liam O’Reilly, is already on the board of Irish Life & Permanent.
Expect other former senior public servants and ex-department secretaries to appear on this panel, which the Minister is thought to be planning to announce shortly.
