Visitors Now:
Total Visits:
Total Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Everything you ever wanted to know about public interest directors in our banks, but were afraid to ask

Thursday, November 15, 2012 11:32
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Nama Wine Lake -

The financial crisis that erupted in 2008 with the provision of the guarantee on €440bn of liabilities at our banks in September 2008 gave rise to a new beast in the Irish board room – the public interest director. In recent weeks, with revelations over salaries and pensions in state-guaranteed and bailed-out banks, public interest directors have come into focus as we wonder what exactly they do. They came in for criticism in 2010 when it emerged that millions were being paid in bonuses at some of the covered banks. This blogpost should tell you everything you need know about them, including who they are, what they’re paid and what they’re supposed to be doing – the information is sourced from parliamentary questions tabled by the Sinn Fein finance spokesperson Pearse Doherty yesterday which were responded to by Minister for Finance Michael Noonan – the full PQs may be available online later. Here’s the summary together with salaries. In total, between 2009-2011 they have cost us €2m.  You will not be happy with what you read.

Who are they? In alphabetic surname order.

Declan Collier is a public interest at AIB. He is the current CEO of the Dublin Airport Authority where his €106,000 bonus in 2010 raised eyebrows as it came on top of a €506,000 package comprising salary of €309,000 and pension contribution of €182,000. He resigned from  AIB’s board on 28th June 2012.

Tom Considine is a public interest director at Bank of Ireland. He is the former Secretary General at the Department of Finance from 2002 to 2006, having joined the Civil Service in 1974. He is regarded as responsible for

Frank Daly is of course the NAMA chairman and former chairman of the Revenue Commissioners. He had a 12-month stint as a public interest director of Anglo Irish Bank between 18th December 2008 and 22nd December 2009 when he became the NAMA chairman.

Alan Dukes was a public interest director at Anglo between 18th December 2008 and 14th June 2010 when he was appointed chairman but is seemingly still regarded as a public interest representative on the Anglo, now IBRC, board.

Read More: wordpress.com

2012-11-15 11:21:07

Source: http://www.oneworldchronicle.com/?p=8022



Source:

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.