Tom Hayes (Tipperary South, Fine Gael)
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Question 87: To ask the Minister for Finance the number of directors of covered institutions who were directors of these institutions in December 2008; his plans to replace these directors; and if he will make a statement on the matter. [1312/11]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Based on information supplied to me by the 6 covered institutions, 31 directors (including 3 public interest appointments made in December 2008) who were in place at end December 2008 remain in situ. It has to be accepted that a complete turnover of all of the respective appointments at the covered institutions was neither practical nor desirable. Contrary to public perception, a lot of changes at director level at the covered institutions have taken place. Of every 10 directors in place pre September 2008, 6 have departed. What the Government has sought to do is to bring certainty to the operation of the Irish financial system by making progressive changes at board level and implementing other measures such as changes in the manner that new director appointments are now made. I have said previously that it is not only a change of personnel that is required but a change of culture.

The public interest aspect of decisions taken at board level of these institutions has to have a much greater prominence. I would point out to the Deputy that section 48 of the Credit Institutions (Stabilisation) Act 2010 deals with the duties of directors of relevant institutions.