Billy Timmins (Wicklow, Fine Gael)
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Question 165: To ask the Minister for Finance the way he can reconcile the appointment of a person (details supplied) in view of the fact that those who oversaw the bank's actions at a time of light touch regulations should be removed from that system as opposed to being brought back; the significant contribution that he will make to attempt to stabilise and de-risk this bank; and if he will make a statement on the matter. [23149/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Under the Relationship Framework the Board of the bank must obtain the prior approval of the Minister for any Board appointments it proposes. In this instance the Board recommended the appointment of the individual referred to in the Deputy's question, and submitted his name including details of his background, for approval.

Further the Deputy will be aware that as a regulated entity, all proposed appointments to the Board of the bank require the approval of the Financial Regulator in accordance with fitness and probity requirements. The recent board appointments were all made in adherence to this process and the appointment was approved by the Financial Regulator and subsequently by me under the Relationship Framework.

The Framework Agreement provides that the Board of the bank will ensure that the bank operates at all times in a manner which promotes defined objectives and shall comply with any policies or directions issued by the Minister in respect of their achievement. The requirements to stabilise and de-risk the bank are central to the objectives set for the bank by the Minister.