Shortlist of 40 directors drawn up for rescued banks
THE Government has drawn up a panel of about 40 prospective directors for our bailed-out banks and has begun meeting with institutions to assess their skills shortages.
The update on 'boardroom renewal' was given to the Public Accounts Committee yesterday as Department of Finance officials revealed that just 10 of the 74 bank directors in place when the crisis hit are still in situ.
Finance Minister Michael Noonan has vowed to rid the banks of directors who were in place before the infamous guarantee scheme was instituted in September 2008, while Financial Regulator Matthew Elderfield has said he would banish bosses who were found to have contributed to their institution's collapse.
To replace the departing directors, Mr Noonan launched a nationwide search for new board members, which solicited about 480 replies. Yesterday, the Department of Finance's banking chief, John Moran, said the applicants had been "culled to about 40 people" who would now form a panel.
The Department of Finance declined to provide a list of the would-be directors.