Oireachtas Joint and Select Committees

Thursday, 20 December 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

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

10:15 am

Photo of Seán FlemingSeán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I wish to separate Bank of Ireland from all the other failed banking institutions that we have had before the committee on various occasions such as Anglo Irish Bank, Irish Nationwide Building Society and AIB, which are totally State owned. Yesterday we had Irish Life & Permanent before the committee. The maximum State involvement in Bank of Ireland was of the order of 30%. It has now reduced to 15% and the bank hopes to reduce it further. Bank of Ireland is in a completely different category from all the other institutions in that the State has only a small and reducing shareholding in it. Mr. Considine was invited to join the board in 2008 and he joined it at the beginning of 2009. What were the bank’s annual losses then and what are the loss projections for next year?

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