Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

My final question relates to senior executives employed by the NTMA, perhaps in some cases seconded to the Department of Finance, moving on to senior positions in banks without any cooling-off period. This issue was brought into focus recently with the case of Mr. Michael Torpey, who moved from the Department of Finance to a senior position in the Bank of Ireland. I presume he was still under the employment of the NTMA. His unit in the Department was advising the State on the divesting of approximately €1 billion in Bank of Ireland bonds. Within a matter of weeks he will be on the executive committee of Bank of Ireland. Is there any issue of concern for Mr. Corrigan with regard to people transferring so quickly from the public sector to the private sector? Such people would have been advising policymakers on the one hand but then proceed to move directly across to the companies which would have been the subject of that advice.