Statement by Minister for Finance on Irish Nationwide Building Society
The Minister for Finance, Mr Brian Lenihan, TD, confirmed today that he had discussions last evening with the two directors of Irish Nationwide Building Society appointed by him to promote the public interest, Mr Adrian Kearns and Mr Rory O Ferrall. These directors were nominated by the Minister on foot of the Government Guarantee Scheme. They met the Minister with the knowledge and consent of the Board.
The Minister has asked the two directors to convey to the Board of Irish Nationwide his view that the Board and management team must be reviewed having regard to the current market position, the plans of the Society, and the appropriate mix of skills for the future of the Society.
The Minister indicated that he will invite the Board to brief him next week on their plans for the Society, including the review of management and board personnel.
It is the Ministerís view that recent disclosures in relation to the remuneration of the CEO of the INBS require investigation. The Minister has conveyed to the Board that any such investigation must be carried out by the two directors appointed to promote the public interest. The Minister expects a report on the outcome of this investigation within one month.
24 March, 2009