Updated: 30/10/12 : 08:31:22Printable Version
Public interest directors on the boards of bailed-out banks have earned over €1m since being appointed but have never met or communicated with the finance minister about their roles.
Government TDs have told the Irish Examiner
the directors should be made more accountable, do more for the public good, or even be replaced.
Their comments come as the directors look set to be hauled before the Oireachtas finance committee about their roles.
The top paid include Michael Somers (€248,000) and Dick Spring (€132,000) in AIB, Tom Considine (€240,000) and Joe Walsh (€217,000) in Bank of Ireland, as well as Margaret Hayes (€207,000) and Ray MacSharry (€183,000)
in Permanent TSB, figures compiled by the Irish Examiner
These fees do not include amounts those directors are being paid this year.
Most of the directors were appointed around the time of the bank guarantee four years ago by Brian Lenihan, the former finance minister.
The Department of Finance has confirmed that none of the directors have been in contact with or met Michael Noonan since being appointed.
Finance committee chairman Ciarán Lynch said the role of public interest directors would be raised with AIB and Bank of Ireland when their CEOs appeared at hearings later this week.
"The banks are in denial. There’s this culture of a wait-and-see approach. It may be time to redefine the terms of duties of directors. We might also call them before the committee."