Mr. Frank Daly:

The board was appointed in December 2009 by the Minister for Finance of the time. I was asked to be chairman. I am not privy to what the selection process was when I was asked to be chairman. The board had already been selected and, therefore, I was presented with the board as it was. The legislation provides for nine persons on the board, including the chairman. There are two people on the board ex officio; one is the chief executive, Brendan McDonagh, and the other is the chief executive of the National Treasury Management Agency, John Corrigan. We have an executive director and the rest are non-executive directors. They were appointed for varying terms. There have been two changes on the board since its inception because two directors retired in 2010 or 2011.