The Government has reappointed former Bank of Ireland chief executive Mike Soden and ex-trade union leader and MEP Des Geraghty as members of the Central Bank Commission for five-year terms.

Both had their positions renewed on October 1st by the Minister for Finance Michael Noonan.

Mr Geraghty and Mr Soden were both originally appointed to the commission in October 2010 for four-year terms by the then minister, the late Brian Lenihan.

Mr Soden, who is 67, served as Bank of Ireland chief executive between 2001 and 2004 before being forced to resign over his internet usage. His banking career spanned more than 30 years in North America, Australia, Britain and Scandinavia.

Mr Geraghty, who is 70, was president of SIPTU from 1999 to 2004 and represented the Dublin constituency as a member of the European Parliament from 1992 to 1994 while a member of Democratic Left.

The commission was established in 2010 following the financial crash and is responsible for ensuring that the statutory functions of the bank are “properly discharged”.