The minister for Finance has appointed an accountant with Fianna Fail connections and extensive business experience to the £125,000-a-year post of director of the European Bank for Reconstruction and Development.
Mr Michael Flynn, a partner in the accountancy firm Somers and Associates, takes up the London-based position on July 17th. As a director he will share responsibility for the general operations of the bank, which aims to promote Western-style market economics in central and eastern Europe as well as the former Soviet Union states.
This latest appointment follows the highly controversial nomination of Mr Hugh O'Flaherty to the vice-presidency of the European Investment Bank, but is unlikely to generate the same level of controversy, despite Mr Flynn's Fianna Fail connections. Mr Flynn has extensive business experience, including work in corporate reorganisation and financing, which is directly relevant to the position.
Mr Flynn, a chartered accountant since 1981, was appointed to the board of ICC Bank by Mr McCreevy last year. He was also appointed by the Government in 1997 to the steering group of the Garda Strategic Management Initiative, which is examining the efficiency of the force.
He has been a partner in the accountancy firm Somers and Associates since 1989 and had previously specialised in inter national tax planning and business consultancy, working with firms including Kleinwort Benson, Stoy Hayward, Arthur Andersen & Co and Hayden Brown & Co.
Mr Flynn replaces Mr Tony Brown, former international secretary of the Labour Party, who was appointed by the then Minister for Finance, Mr Ruairi Quinn, - now Labour Party leader - in his last days in office in July 1997. The previous two Irish holders of the post were senior officials from the Department of Finance.
Announcing the appointment yesterday, Mr McCreevy paid tribute to Mr Brown's work on the board.
Ireland shares a constituency with Denmark on the EBRD's board of directors, and positions of director and alternate director rotate between the states on a three-year basis. The Irish/Danish constituency also represents Lithuanian and Macedonian interests at the board of directors.
Established in 1991, the EBRD aims to foster the transition of the economies of central and eastern Europe and the Commonwealth of Independent States towards the Western market model.
The EBRD seeks to help its 26 countries of operations to implement structural and sectoral economic reforms, promoting competition, privatisation and entrepreneurship. Through its investments it promotes private sector activity, the strengthening of financial institutions and legal systems, and the development of the infrastructure needed to support the private sector. The bank applies sound banking and investment principles.
1976 - 1982: Audit and accounts preparation, Hayden Brown & Co. Qualified as chartered accountant
1982 - 1985: Senior taxation adviser, Arthur Andersen
1985 - 1987: Partner designate with Stoy Hayward, providing UK and international tax advice and business consultancy
1987 - 1989: Senior manager with Kleinwort Benson
1989 to date: Partner with Somers and Associates, providing general business consultancy services.
1997 to date: Member of steering group of Garda SMI
1999 to date: Director, ICC Bank; Acting CEO of Zero 3 technology