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

1:25 pm

Mr. Dick Spring:

I take my definition from the Credit Institutions (Stabilisation) Act 2010, section 48, I think, which states that it is to facilitate the availability of credit in the economy of the State, to protect the State's interest in respect of the guarantees given by the State under the Government guarantee and to support the steps taken by the Government in that regard, to protect the interests of taxpayers, to restore confidence in the banking sector and to underpin Government support measures in relation to that sector and to align the activities of AIB and the duties and responsibilities of its officers and employees with the public interest and other purposes of the Credit Institutions (Stabilisation) Act 2010. That, effectively, is our bible. As we said in our opening remarks we both have considerable experience of working in the public sector and a strong commitment to public service.

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