Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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Question 100: To ask the Minister for Finance the reasons for the delay in the restructuring of the boards of the banks and the appointment of new board members following the public advertisements for expressions of interest last April; when he plans to make such appointments; and if he will make a statement on the matter. [28208/11]

Michael Noonan (Limerick City, Fine Gael)
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I would not accept the Deputy's contention that there has been a delay in the restructuring of the boards of the covered institutions. I announced on 31 March 2011 that the covered institutions were to draw up plans to restructure their respective boards. The present policy concerning directors at the covered institutions is that all directors, who presided over the failed lending practices in the period to September 2008, should be removed. In line with this approach, the respective AGMs of the institutions held over the summer months and the merger of some of the institutions have resulted in departures of certain directors and the reconfiguration of certain boards. Based on information supplied to my Department, 10 pre-crisis directors now remain in office pending the conclusion of certain necessary formalities.

The Central Bank of Ireland (CBI) has announced its intention to assess any incumbent directors who plan to remain in office post 1 January 2012 in relation to the new powers available to them in the Central Bank Reform Act 2010 which comes into practical effect on 1 December 2011. I am advised by the CBI that no decision on any individual case has been taken, nor will decisions be taken until after the 1 December 2011 date.

From the public advertisement process seeking expressions of interest for appointment or nomination to the boards of certain banks I now have available to me a panel of 30 suitably qualified people from which to select individuals with the right skillsets to ensure that the corporate governance culture of the institutions is substantially improved. Over the coming months I would intend to use this and other avenues to make new and fresh appointments to the boards of some of the covered institutions. Any such nominations will of course be subject to regulatory approval.