More than 100 people have applied for bank director positions

MORE than 100 people have applied for the position of bank directors as part of the planned shake-up of the boards of the banks.

The Government has received the submissions for bank director positions from applicants with a variety of backgrounds including financial specialists from abroad.

The Department of Finance expects to set up a panel, from which Finance Minister Michael Noonan among others will choose the new bank directors.

His department has confirmed that 102 applications were received since notices for the positions were advertised on April 28 last.

A significant number of the applicants, but not all, looking to get on bank boards have financial services backgrounds.

These include specialists trained in accounting and the banking sector.

The department still expects to receive a number of submissions before Thursday’s deadline for applications.

Mr Noonan has said he expects to appoint a number of directors to bank boards in the coming months, with most of Ireland’s financial institutions now owned by the state.

With the exception of Bank of Ireland, the Government has control or near full ownership of the country’s top lenders including Allied Irish Bank, Anglo Irish Bank, Irish Nationwide, EBS Building Society and Irish Life & Permanent.

Controlling most of the shareholding in those banks gives the Government the right to appoint not only public interest directors but many of the positions on the boards.

It is thought the pool of applicants will allow the minister, the Central Bank and the department’s banking unit — who will all decide on the appointments — to choose possibly dozens of directors when positions come up over the coming months.

To qualify for an appointment, a person must not have any conflicts of interest and must have expertise in financial services. This is needed at a senior level in areas such as finance and economics, law, accountancy and auditing, insolvency and restructuring, banking and investment and business management among areas.

Directors of boards can expect to receive an average €50,000 a year, the department said.

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