Tuesday 16 January 2018

Top bank official joins Bank of Ireland

Michael Torpey: previously worked for AIB and NTMA
Michael Torpey: previously worked for AIB and NTMA
Thomas Molloy

Thomas Molloy

BANK of Ireland (BoI) has hired the official responsible for supervising the banking sector.

Michael Torpey will lead BoI's corporate and treasury unit in March following a four-year stint in the National Treasury Management Agency and a secondment to the Department of Finance where he was head of banking.

Mr Torpey has been one of the main players as the previous and present governments sought to clean up the country's dysfunctional banking sector.

This means he has met bankers, troika officials and Central Bank executives on behalf of the State.

He previously gained a wide knowledge of the financial services sector while working for Allied Irish Banks, Ulster Bank and Irish Life and Permanent during the boom.

"I know that his vast experience of the banking sector and his in-depth knowledge of Bank of Ireland will contribute greatly to the implementation of our business strategies and to our dealing with the challenges and opportunities ahead," BoI chief executive Richie Boucher said yesterday.

Most countries have rules to stop government employees moving straight into the private sector in order to ensure that knowledge gained while working for the State does not benefit private companies.

Finance Minister Michael Noonan signalled yesterday that he welcomes such moves and expects more officials to move into the private sector.

"I am sure that many more highly skilled individuals will move in both directions between the public and private sectors in the months and years ahead," Mr Noonan said yesterday.

Such moves were in line with government policy, he added in a statement wishing Mr Torpey "every success in his new role" and praising him for his contribution to restructuring the banking sector.

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