The Taoiseach Bertie Ahern today revealed the former vice president of Sinn Fein Mr Phil Flynn had not been forced to resign his three high profile board positions in the public and private sector.
Mr Ahern said it was a decision the Government's chief trouble-shooter had taken on his own accord.
"He felt it was the right thing to do," the Taoiseach said.
"It was a matter for Phil. I hadn't got around to consider it because you know we hadn't got any reports back from the guards on these matters.
"Phil would be a person who was very experienced in public administration, trade unionist administration and the financial world. Phil felt this was the right thing to do.
"For my part I just note what he did and what he has said and thank him for the work he has done."
Mr Flynn became the first high ranking casualty of police investigations into a money laundering ring when he stepped down as chairman of the Bank of Scotland Ireland.
He also resigned as head of the Government's decentralisation committee and as board member of the health insurance company VHI.
The 64-year-old businessman and former trade union leader was a non-executive director of a Cork-based financial company at the centre of a major money laundering probe.
Bank of Scotland Ireland today named Sir Ron Garrick, the Deputy Chairman of the bank's parent company HBOS plc, as Mr Flynn's replacement.
Mr Flynn has said that he was shell-shocked by the scale of events. And he has admitted that it appeared strange that he had been involved with the struggling finance firm.