Brian Lenihan Jnr (Dublin West, Fianna Fail)

We know from our debate on the legislation that the guaranteed institutions are not nationalised institutions and the State does not have shareholdings in them. In the course of the enactment of the legislation and the preparation of the scheme, the banks agreed to the constitution of a panel of appointees and I decided, in consultation with the leaders of Fine Gael and the Labour Party, on the appointment of persons to this panel. My primary concern was to ensure these appointments were persons who, having regard to the particular characteristics of the institutions, would have an understanding of what the public interest entailed in these institutions. Were I to have used banking experience as an exclusive criterion, as Deputy Bruton appears to imply, I do not think I would have secured the public interest in the appointments. I do not wish to enter into details of personalities but it is inaccurate to suggest that the persons involved had very limited knowledge of banking. When one considers the positions held by many of these persons it is very clear that they have the kind of experience that brings a public interest dimension to the performance of their fiduciary duties as directors of the relevant institutions.

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