The pensions board chief and the banks – can we take either seriously?

TIARNAN O’Mahoney’s decision to remain as chairman of the Irish Pensions Board is truly extraordinary.

The failure of the Government to insist on his departure is even more so. Does nobody in the Department of Finance know O’Mahoney’s CV? O’Mahoney is not a well-known man outside of business circles and the elite of the political classes. He is a pleasant, amiable fellow, well liked by many. He is clearly willing to serve the State.

But he was also a central figure in the reckless Anglo Irish Bank expansion. He had responsibility for raising the money that the bank then lent in turn. He didn’t get the top job as chief executive when Seán FitzPatrick was promoted to executive chairman although he got an enormous pay-off of €3.75 million in early 2005 when he decided he couldn’t work on under David Drumm’s leadership.