McCreevy backs Geaney despite Elan resignation

Finance Minister Charlie McCreevy has rejected ICTU’s call for Donal Geaney to resign as chairman of the national pension reserve fund.

Yesterday, Mr Geaney resigned as chief executive of the Elan pharmaceutical firm, which is facing an investigation of its accounting practices in the US.

The Irish Congress of Trade Unions said this raised questions about his competency to oversee the pension fund, a state body responsible for investing €8bn put aside by the Government to pay future pensions.

However, Mr McCreevy rejected this assertion, saying "Mr Geaney was appointed by me . . . he’s done an excellent job over the past year or so."