Regulator calls for new banking blood

THE Financial Regulator’s office has called for new blood to be introduced to help run the banking sector and for more non-executive directors to join bank boards and to be paid higher salaries.

Touching on the subject of corporate governance in the banks, assistant director general at the Central Bank/Financial Regulator, Jonathan McMahon told the annual conference of the Irish Banking Federation (IBF), yesterday, that the challenge requires broader solutions than just supervisory powers.

Mr McMahon said the pool of non-executive directors in Ireland has been too small for too long and should be increased, partly through the incentive of financial institutions paying such directors more money.