Ex-financial watchdog lands plum bank role
Published 30/10/2011 | 05:00
JIM FARRELL, a former chairman of the Financial Regulator's office, has bagged a lucrative role at a major international bank.
Citibank Europe has appointed Farrell as a director.
Farrell chaired the Regulator from mid-2008 until stepping down. He was on the board of the financial watchdog from its formation in 2002 throughout the lending binge which left the banks needing major bailouts.
Citibank's 14 directors shared €2.74m in fees and emoluments, most recent accounts say. It made a €458m profit in 2010, running a global transaction and retail banking business out of Dublin and Waterford, employing more than 2,000 people. Mr Farrell became a non-executive director in April.
"My appointment was approved by the Central Bank," Mr Farrell told the Sunday Independent. "It would know my record when I served on the board of the Regulator and also when I took over as chairman just before the whole thing blew up, and what I did to try to steady the ship at that stage."
Mr Farrell headed up Citibank's Irish business for many years until 1990. He then joined the NTMA until 2004 and led the National Development Finance Agency for a year.
The Regulator trusted bank boards too much during the boom, Mr Farrell has said.
"Our reliance on the boards and management of credit institutions to meet their corporate governance and risk management responsibilities was misplaced," he wrote in 2008.
Sunday Indo Business