Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

I thank Mr. MacSharry. In bringing this afternoon's module to a conclusion I suggest to committee members and others that the committee reserve its final views on the situation and make its recommendations after we have dealt with the individual banks and their public interest directors.

It has, however, become emphatically clear that despite the legislation stating that the duty of the public interest directors is owed to the Minister on behalf of the State, the role does take priority over the other duty of the directors and that there was an intention under the initial legislation that some sort of guidelines or terms of reference would be issued but never were. We have confirmed that this afternoon. Mr. MacSharry has proposed that the committee should make a recommendation on whether the public interest directors should continue into the future. It is his position that they be rotated or rolled over from time to time.