Michael Creed (Cork North West, Fine Gael) | Oireachtas source

Can I ask Mr. MacSharry and Ms Hayes about the definition of "public interest"? I have listened to a number of the other contributions and there is a view that the public interest is reflected by those who are in mortgage difficulty or by those who see the institution as an investment by the taxpayer who wants a return. Do Mr. MacSharry and Ms Hayes feel that the failure to define "public interest" has put them in a very invidious position? In effect, the title of public interest director means they are window dressing. Under company law - and they have to operate in that context primarily - they are no different to any other directors. Do they believe that they have been put in a most invidious position, trying to serve multiple masters, while in effect having to operate under company law? The latter makes their loyalty primarily to the company.

I was interested when the witness read out the late Brian Lenihan's definition of public interest directors. He mentioned a profitable company, among other things. If the loyalty of the public interest directors is to creating a profitable company, one could argue that that could only be done at the expense of many of those who are clients of the company and are now in mortgage arrears. Those who hold non-tracker mortgages are being asked to subsidise the bank's loss-making tracker book. Do the witnesses not believe that the failure to define "public interest" has left them in a very difficult position?