Dr. Michael Somers:

Every director is now effectively a public interest director. Under the 2010 Act, everybody was told their first obligation was to develop credit and so forth, legislation with which the committee is familiar. I am the second longest serving director, after Mr. Dick Spring, on the board. All the people appointed were new to me. They were all on a list that the Minister for Finance had or were recommended to him by the chairman of AIB. They all had to be cleared by the Minister for Finance. Unless they were cleared by him, they were not appointed. These directors are as much appointed by the Minister for Finance as I am. By the way, I offered to go up for election, the same as everyone else, because there was an issue about whether we were regarded as independent non-executive directors. I do not believe there is a significant difference between what we are trying to do, how we were appointed and the others on the board, four of whom are not resident in the State.

We are all trying to get this bank back in order again. It is essential for the economy to have a working banking system. We have spent ages at this. As this is an extraordinarily complex area, one needs people who know about financial affairs. I heard Mr. Spring say on occasion that there are an awful lot of moving parts in this. We are trying to keep track of all of these. We are trying to get the bank funded and get more deposits in. At the same time, we are trying to lend because a bank only makes money if it is lending. We are trying to solve the problem of all the people that are in debt. It does not come easily.

One arrives on these boards and is presented with all of these issues. If one has a financial background, it makes it easier. If one does not, it is more difficult as one is on a steep learning curve. Future appointees will need some financial background or, at least, know the terminology involved, as well as being prepared to spend an awful lot of time at this.