Oireachtas Joint and Select Committees
Wednesday, 19 December 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB
4:40 pm
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
Link to this: Individually | In context | Oireachtas source
Okay, if Mr. MacSharry does not mind, I heard him say those things already. That is not clear at all to me. The 2010 Act states that the public interest duty imposed on directors takes priority over any other directorial duty. That is clear. They have a mandate to vindicate the public interest over any other duty. If the public had any opportunity to instruct them as to what representing their interests would amount to, they would say that they should write down unsustainable mortgages to sustainable levels and that they should do it now because it is not their fault.
Why would we not do that?