Monday 22 January 2018

Not quite so permanent at Irish Life

THERE was quite a clearout over at Irish Life & Permanent this week, with two directors and group treasurer Michael Torpey (right) announcing their intention to leave.

First up were Eamonn Heffernan and Liam O'Reilly, who said on Tuesday that they were going.

There was little surprise that 64-year-old Heffernan was departing. He is approaching retirement age after a long and successful career, which saw him hold the posts of chairman of both the Pensions Board and the Irish Association of Pension Funds.

The departure of 61-year-old former Financial Regulator Liam O'Reilly from Irish Life is less easy to understand, however, especially as he only joined the board in September 2008.

Still, it hasn't been all plain sailing for Mr O'Reilly since he stepped down as regulator in 2006 for two of the organisations on whose boards he sits.

Irish Life had to cough up €600,000 for unspecified breaches in relation to reporting requirements in 2008, while IFSC-based Merrill Lynch International Bank Plc, where Mr O'Reilly is also a board member, was fined €2.75m last year.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business