Former minister for finance Ray MacSharry and former tánaiste and Labour party leader Dick Spring have been named on a 12-person panel who will be appointed to the boards of the country’s six largest banks in return for the State guarantee of their deposits.
Fomer Fianna Fáil TD and minister for agriculture Joe Walsh and former Fine Gael leader Alan Dukes were also named to the panel, according to statement released by the Department of Finance this afternoon.
As part of the Government guarantee, AIB, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and the EBS Building Society must appoint two non-executive directors from the list of names for the duration of the State protection, which runs out in September 2010.
Former secretary general of the Department of Finance, Tom Considine and Anthony Spollen, who is a former member of the Dublin Airport authority and a former AIB executive, are also on the list. The other members of the panel are: Declan Collier, Frank Daly, Margaret Hayes, Adrian Kearns, Rory O'Ferrall and Ann Riordan.
The Department has also set up a three-person committee to review the pay and perks of the banks’ executives. The Covered Institution Remuneration Oversight Committee (CIROC) comprises Vivienne Jupp, John Purcell and Eddie Sullivan.