Walsh to head up committee advising State on our debt
FORMER Aer Lingus boss Willie Walsh has been named as head of a committee that will advise the Government on how to manage the national debt – but he won't earn a cent while he does it.
Mr Walsh, who now heads up the parent company of British Airways and Spanish airline Iberia, will join the National Treasury Management Agency (NTMA) advisory committee.
Finance Minister Michael Noonan has also tabbed him to become chairman of the NTMA Board, when forthcoming legislation is passed by the Oireachtas and enacted.
Both of these are normally paid appointments but it is understood Mr Walsh does not intend to take anything for the positions. In practice, however, the Government will pay him, and he will gift that money back to the State.
The former boss of Aer Lingus earned £1.08m (€1.3m) from his day job last year.
Announcing his appointment, Mr Noonan said: "Willie Walsh is an ideal candidate for the role of chairman of the National Treasury Management Agency Board given his position as a global business leader, his extensive experience of corporate change, and his equity and financial market experience."
He said he was "sure that Mr Walsh's extensive business skills and experience would be of benefit to the National Treasury Management Agency".
Mr Walsh became chief executive of International Airlines Group (IAG) when the company was created in January 2011, joining from British Airways where he was chief executive from October 2005.