Brian Cowen (Laois-Offaly, Fianna Fail)

That is not the purpose of the statement. The purpose of the statement is to indicate the Minister's intentions on this matter. He had discussions last evening with the two directors of the Irish Nationwide Building Society, INBS, appointed by him to promote the public interest, Mr. Adrian Kearns and Mr. Rory O'Farrell. These directors were nominated by the Minister on foot of the Government guarantee scheme and they met the Minister with the knowledge and consent of the board.

The Minister has asked the two directors to convey to the board of Irish Nationwide Building Society his view that the board and management team must be reviewed having regard to the current market position, the plans of the society and the appropriate mix of skills for the future of the society. The Minister has indicated that he will invite the board to brief him next week on its plans for the society, including the review of management and board personnel.

It is the Minister's view that recent disclosures on the remuneration of the CEO of the INBS require investigation. The Minister has conveyed to the board that any such investigation must be carried out by the two directors appointed to promote the public interest and he expects the report on the outcome of this investigation within one month. What that means, of course, is that he wants the facts established as to the circumstances in which this matter arose so that we can see what precise action can be taken.

Deputy Kenny will be aware that the committee established by the Minister for Finance reported at that time that no bonuses should be paid in institutions which are covered by the guarantee scheme. We need to see what way that can be assured in this case and what has been happening by reason of the actions he is now taking.

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