Shane Ross (Dublin South, Independent)
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To ask the Minister for Finance the number of meetings he has had with the Public Interest Directors of the banks, individually and collectively, since he became Minister for Finance; the dates of these meetings; and if he will make a statement on the matter. [50429/12]

Michael Noonan (Limerick City, Fine Gael)
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The primary duty and responsibility of the public interest directors as well as all the other directors is to ensure that the institution on whose board they serve is run properly and appropriately. The responsibility of public interest directors under company law is to the institution on whose board they serve. I work with these covered institutions through the chairpersons of the boards and that is my primary point of contact. I don’t specifically meet with Public Interest Directors appointed to the covered institutions. Public interest directors do not have a formal reporting relationship to the Minister or to the Department of Finance. I have, however, met with a Public Interest Directors on a number of occasions as follows: 05 May 2011: Meeting with AIB Directors Mr Dick Spring & Mr Declan Collier

17 May 2011: Meeting with Permanent TSB Directors Mr Ray MacSharry and Ms Margaret Hayes.

13 September 2011: Meeting with AIB Director, Dr Michael Somers*

* Dr. Michael Somers is a Government Nominee (not a Public Interest Director)

As Minister for Finance, I am strongly committed to ensuring that the boards of the covered institutions act at all times in a manner fully consistent with key public interest objectives for the banking sector. In normal course I would meet with the Chairpersons and Chief Executive Officers of each covered bank.