Brian Lenihan Jnr (Dublin West, Fianna Fail)

I have said previously that Ireland as a country has been let down badly by certain individuals who held senior appointments – both at executive and director level – at some of our covered institutions. Their actions and inaction have and will continue to have severe ramifications for the citizens of this country. Deputy Noonan will appreciate that it would be wrong of me to comment on cases which are subject to ongoing investigation by the relevant statutory authorities.

One of the first actions the Government took in this area was the appointment of two public interest directors to all of the major covered institutions. These appointments were persons who I am sure the Deputy would concur are of high calibre and have undertaken their roles very seriously.

Contrary to public perception, many changes at director and senior executive levels at the covered institutions have taken place. It has to be accepted that a complete turnover of all of the respective appointments at the covered institutions was neither practical nor desirable in one instant. What the Government has sought to do is to bring certainty to the operation of the Irish financial system by making progressive changes.

Since September 2008, the chairpersons and chief executives of all of the covered institutions bar one have changed. In other words, of the six principal covered institutions, five chairpersons and five of the chief executives have changed since 2008. There has also been a substantial turnover of non-executive directors over this period. In total, based on information supplied to me by the covered institutions, 43 directors have vacated their positions for a variety of reasons since September 2008 with 30 new appointments being made. In addition, some 31 senior executives have departed. The House will also be aware that arising from the actions I announced this morning further changes at board and management level will follow at Allied Irish Bank.

I am sure the Deputy will appreciate the need for people filling directorship roles to be well qualified, with appropriate skills and experience, in order to lead the institutions through the major changes that are taking place in banking.

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