Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context

Question 117: To ask the Minister for Finance if he will provide details, for each covered institution, of the number and identity of any directors who were a member of the board at the time of the original bank guarantee in September 2008 and continue to sit on the board at the present time [22300/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

Subsequent to this month's AGM of AIB and consequent on the recent mergers involving EBS and INBS only ten pre-crisis directors will still be in post – a reduction of almost 90%. I do not propose to name the individuals here. For the information of the Deputy, of the above ten, four will be in office at Bank of Ireland, a further four at EBS Ltd – which will operate as a standalone, separately branded subsidiary of AIB with its own branch network – and the remaining two at Irish Life and Permanent. Six of these individuals hold executive positions with the remaining four occupying non-executive roles. Of the remaining institutions no pre-crisis directors are still in post.

The Deputy will be aware that as part of the Programme for Government we committed to restructuring bank boards and to replacing all directors who presided over the failed lending practices in the period to September 2008. He will also be aware that board and management renewal plans for the affected institutions are under consideration and that, as announced by the Central Bank of Ireland, all directors irrespective of date of appointment, who intend to be in office on 1 January 2012 will be subject to assessment against the new fitness and probity standards for such appointments which the CBI envisages being implemented by 1 September 2011.