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More about Brian Lenihans nominee panel for Bank boards

I posted a week or so ago looking for suggestions as to who should be appointed as the taxpayers nominees on the boards of banks following their bailout by the Government. We had some interesting suggestions from a number of people:

Wanted

  • Senator Shane Ross
  • Joe Higgins “has time on his hands these days – in fact why not make him Financial Regulator instead of that wimp we have?”
  • Eithne Tinney – “she shook up the EBS board”
  • Brenda Power – “she annoyed the HSE so much they won’t take her calls”
  • Nell McCafferty “she’d take on anyone”
  • David McWilliams – put his money (or action) where his mouth is
  • George Lee – lets see if he can act as well as he can talk
  • Bertie Ahern – he doesn’t trust banks
  • Grainne Carruth – great experience with cash handling
  • Dr. Alan Ahearne from UCG -He seems to make a lot of sense whenever he’s on the radio recently

Not Wanted

  • Celia Larkin
  • Glenda Gilson
  • Roseanna Davison
  • Eddie Hobbs – needs the banks now to fund his brendan investments
  • Anyone to do with the Financial Regulator – proven to be no good at their jobs already

Interestingly, there was a similar suggestion from the Irish Bank Officials Association who “don’t want the ‘old regime’ to be nominees“.

Unfortunately however, if Simon Carswell is to be believed, we’re going to get “same old, same old” in the names that are probably going to end up on this panel – former bankers, civil servants and regulators. More of the banking old boys network – there’d hardly be any concern on the part of the banks if that were to be the case.

No names have been announced by the department yet, but two former chairmen of the Revenue Commissioners, Dermot Quigley and Frank Daly, have been mentioned as possible appointees.

Former central bankers and regulatory figures are also likely to figure on the panel. The former chief executive of the Irish Financial Services Regulatory Authority, Liam O’Reilly, is already on the board of Irish Life & Permanent.

Expect other former senior public servants and ex-department secretaries to appear on this panel, which the Minister is thought to be planning to announce shortly.

Jobs for the old boys – but did we really expect anything different?

2 comments On More about Brian Lenihans nominee panel for Bank boards

  • Did anyone hear Prof Niamh Brennan Smurfitt School of Business UCd on last weeks saturday view. Think she is/was on the board of a major bank. She seemed to think bank directors do a good job anyway and said directors have to act in the best interests of the company ie the new directors appointed by the Minister couldn’t look after the interests of us little people.

    Did she ever work in the real world or is she just an academic?

    She is on the HSE Board…HSE paid out €1 million last month for bonuses for 10 managers. Did prof brennan recommend this?

  • Thanks for your comment Davy. I don’t fully know the background of Prof.Brennan or what she does for the HSE, but given that she’s done work for the Government before, that might indicate where here loyalties might be.

    With regards to the comment about bank directors doing a good job, my recent post here (http://www.valueireland.com/2008/10/brian-lenihans-pointless-idea-to-nominate-directors-to-bank-boards/) shows just how pointless it’ll be to put other directors on the banks boards.

    Given what’s described there, it’s technically correct to say that bank directors can probably be said to be doing a good job.

    It’s the Chief Executives and senior management that we should probably be more worried about.

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