FORMER European parliament president Pat Cox and Liam Young, a co-founder of telephone enquiries firm Conduit, have been appointed as special advisers to banking services group Certus.
Certus, the company that took over the management of €8.5bn in mortgages from Bank of Scotland (Ireland), confirmed the appointments yesterday.
The pair take up the roles as Certus positions itself to pitch for the contract to manage tracker mortgages that are currently part of AIB's and Permanent TSB's loans books if the Government decides to remove the trackers from the institutions' books.
Certus chief executive Joe Higgins has said securing that the services of Mr Cox and Mr Young would enable the group to chase new contracts in the public and private sectors in Ireland and Europe.
A member of Fine Gael, Mr Cox served as president of the European Parliament from 2002 until 2004.
Mr Young co-founded Conduit in 1996 with Eddie Kerr. The company floated on the stock exchange in 2000. However, the company spent a considerable amount of money attem- pting to break into the UK market. Mr Young resigned as chief executive in 2003. Conduit was sold to a US firm in 2006.
The Government is eyeing a removal of tracker mortgages from state-owned AIB and Permanent TSB with a view to accelerating the banks' return to profitability. The Irish Bank Resolution Corporation has indicated it believes the removal of those mortgages from the banks' books would "significantly enhance" earnings potential at the institutions.