Oireachtas Joint and Select Committees

Thursday, 13 June 2013

Public Accounts Committee

Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed)

2:30 pm

Photo of Shane RossShane Ross (Dublin South, Independent) | Oireachtas source

I take Mr. Elderfield's point. I am unclear as to how he exercises these powers. As he will be aware, there is an extraordinary reappearance on the boards of current banks of persons from banks which have not necessarily failed - certainly from the boards of banks which have subsequently been bailed out - or persons who have been involved in failed departments or failed areas of banks. That, I presume, is not a factor that bars them, but it certainly should not be one that is encouraged. The fact that persons who have been identified with failed banking enterprises in the past are popping up on the boards of banks is something which alarms some of us. Obviously they have not been involved in any activity which is criminal or anything like that, but they have been involved in identifiably failed projects of a mega nature. I wonder how they get through Mr. Elderfield's fitness and probity tests.

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