Anglo Irish Bank has named its new chief executive, with Australian banker Mike Aynsley stepping into the role.
The appointment was approved by Minister for Finance Brian Lenihan.
Mr Aynsley, who is from Sydney, has worked in the banking industry in Australia and Asia, and more recently worked as a consultant for Deloitte. He also had his own practice specialising in risk and corporate governance projects.
In the late 1980s he worked for Security Pacific, now part of Bank of America, and has also worked with stockbroker Hoare Govett, which has since become part of Royal Bank of Scotland, and former National Irish Bank owner National Australia Bank as head of capital markets and treasury during the 1990s.
Mr Aynsley also spent two years as head of risk at Australia and New Zealand (ANZ) Banking Group.
Mr Lenihan said Mr Aynsley's appointment was important for Anglo in challenging times for financial institutions.
The bank, which was nationalised in January, is currently developing a restructuring plan setting out the future strategy for the bank. It is due to be submitted to the European Commission for approval by end of November under State aid rules.