THE GOVERNMENT HAS announced its intention to place advertisements in national newspapers in the coming days, asking interested parties to apply for nomination to the boards of the country’s banks.
In a statement this afternoon, the Department of Finance said it would seek expressions of interest from “suitably qualified persons” looking for appointments to the banks’ boards of directors.
The move, a Department spokesman said, would give anyone interested in a directorship – and who was “qualified to act” as one – the opportunity to advise the Minister for Finance of their interest in being put on the boards.
The government gained the legal right to make appointments to the country’s banks following the passage of the Credit Institutions Act last year, and can make appointments to AIB, Bank of Ireland, Irish Nationwide, and Irish Life & Permanent – as well as the soon-to-be-merged Anglo Irish Bank and Irish Nationwide.
It is intended that advertising the positions publicly will “ensure a high calibre field from which Directors may be chosen”.
The Department of Finance also hopes that the public applications procedures will mean the appointments will be “more open and transparent”.
A pledge to replace directors of banks who presided over their collapse was included in the Fine Gael-Labour programme for government.
The closing date for applications is Thursday 12 May.
Following the recent announcements concerning the recapitalisation of certain banks, the Minister for Finance is seeking expressions of interest from suitably qualified people for inclusion among those to be appointed or nominated to the Board of Directors of these banks. All appointments will be subject to regulatory approvals, including in relation to fitness and probity.To qualify for appointment, a person must not have any conflicts of interest likely to interfere with his/her ability to play a full part on the Board. A person must have considerable expertise in financial services and experience at a senior level in one or more of the following areas:
- Finance & Economics
- Insolvency and Restructuring
- Risk Management
- Law
- Project Finance
- Business Management
- Accountancy and Auditing
- Banking and Investment
- Treasury Management
- Credit Management
Expressions of interest, including a curriculum vitae and a statement of suitability, should be sent to:
Bank Board Appointments,
Department of Finance,
Government Buildings,
Upper Merrion St,
Dublin 2or emailed to bankdirectors@finance.gov.ie. The closing date for expressions of interest is 12 May 2011.
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