Results 12,501-12,520 of 16,492 for speaker:Ciarán Lynch
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: It will keep the conversation going.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: I just want one instance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: With respect to Dr. Somers, I am not asking about telephone calls but about his behaviour at the board table. What has Dr. Somers done at the board table that would reflect his duties as a public interest director? I am putting the same question to Mr. Spring.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: Has Mr. Spring anything to add to that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: When Mr. MacSharry was before the committee yesterday afternoon, he commented that there should be a shelf life for the duration of service of a public interest director. He had the strong view that there needs to be a rotation of public interest directors. Do Dr. Somers and Mr. Spring agree with this?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: Thank you Dr. Somers. Let me outline how I propose to conduct the meeting. The first round of questioners will be allocated 12 minutes with the allocation for the second and subsequent rounds depending on time. To summarise, Dr. Michael Somers was appointed in 2009 by the then Minister for Finance, the late Brian Lenihan. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: Is it correct the remuneration received by Dr. Somers in that period was €248,000 and that Mr. Spring's remuneration was €132,000.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: May I put the following question to each witness? Mr. Spring was appointed in 2009; since then has he ever been given any instruction or specific terms of reference in regard to reporting or how he should carry out his task as a public interest director?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: For whom?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: In what capacity? Was it in Mr. Spring's capacity as a director or as a public interest director?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: These were not structured or formal arrangements? Were they informal engagements?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: Was Dr. Somers at any of these meetings?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: Let me put this question to both Mr. Spring and Dr. Somers. It is becoming apparent - since the public interest directors were appointed in January 2009 - that this is the first formal report that was made to the Oireachtas. Do the witnesses consider that strange?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: There were no specific terms of reference, no formal recording mechanisms and no formal reporting to the Minister for Finance, the Department of Finance or to the Central Bank. Now four years since the appointment of the first public interest director, this is the first formal report to the Oireachtas. Is that not peculiar?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: I accept that, Mr. Spring. The purpose of these series of meetings is to deal specifically with the role and activity of the public interest directors. What we would like to learn from both Dr. Somers and Mr. Spring is the actions in which they have been engaged that makes them distinctly different from any other director of the bank. When Mr. Richie Boucher came before the joint committee...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: My time is limited and so will the time of members of the committee. I run a very strict time regime. While the background to the appointment of Dr. Somers is very interesting, I am asking him to outline his behaviour since his appointment. What proposals did Dr. Somers put before the AIB board that would reflect matters of public interest, such as issues relating to small and medium sized...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: We resume in public session with our examination of the role of public interest directors. The joint committee will hear in this session from the two public interest directors of Allied Irish Banks, Mr. Dick Spring and Dr. Michael Somers, whom I welcome to the meeting. I understand Mr. Spring and Dr. Somers wish to make opening statements and I invite Mr. Spring to make his first.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: I will give the Deputy two minutes maximum.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: It is two minutes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Role and Contribution of Public Interest Directors in Financial Institutions: Discussion (20 Dec 2012)
Ciarán Lynch: That is Deputy Ross’s last question.