Oireachtas Joint and Select Committees

Wednesday, 19 December 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB

3:40 pm

Photo of Kieran O'DonnellKieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Ms Hayes and Mr. MacSharry were appointed under the 2008 Act as public interest directors to promote the public interest. They have a specific purpose which is to protect the public interest. The other non-executive directors have a different role. At the time of their appointment in 2008, Permanent TSB had yet to receive any taxpayers' money directly although it was covered by the State guarantee. The circumstances were different. The public interest directors have been in place for four years. How can I tell taxpayers that they are getting value for money from the appointment of public interest directors in general and more specifically from the €390,000 in salaries which has been paid to the directors?

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