FORMER BANKER Michael Soden, trade unionist Des Geraghty and economist Prof John FitzGerald are to join the new Central Bank Commission that will replace the institution’s existing board.
Minister for Finance Brian Lenihan yesterday said he has appointed Mr Soden, Mr Geraghty, Prof FitzGerald, Max Watson and Prof Blanaid Clarke to the commission.
The commission’s appointment is part of the overhaul of the Central Bank, which, along with the financial regulator, was discredited for taking no action to prevent the financial crisis.
The commission will replace the existing board, many of whose members were in place as the institutions under its supervision were fuelling the credit bubble that led to the crisis.
Michael Soden is a former chief executive of Bank of Ireland, a post he left in 2004 after its systems highlighted that he breached that bank’s internet policy by accessing an adult-rated site. Before that he was head of retail with National Australia Bank, chief executive of Security Pacific and global head of derivatives at Citicorp. He will serve on the commission for four years.
John FitzGerald is research professor at the Economic and Social Research Institute, where he has worked since 1984. Before that he worked in the Department of Finance. He is a son of one-time taoiseach Garrett FitzGerald. Prof FitzGerald will serve on the commission for five years.
Max Watson co-wrote the Regling Watson report, with Klaus Regling, into the causes of the Irish financial crisis, which highlighted the poor performance of the financial regulator and Central Bank.
He is director of research financial consultancy John Howell and Co and a fellow of St Antony’s and Wolfson Colleges in Oxford in England. Between 1979 and 2002, he was deputy director of the International Monetary Fund.
The Minister has appointed Mr Watson to the Central Bank Commission for five years.
Des Geraghty was president of the Republic’s biggest trade union, Siptu, between 1999 and 2004. He also served as a member of the European Parliament, and on a number of State boards, including RTÉ, Fás and the National Economic and Social Council. His appointment is for four years.
Blanaid Clarke is a professor of corporate law at University College Dublin and works with the takeover panel of the Irish Stock Exchange.
She is a specialist in corporate governance, takeover and mergers law and securities regulation. Prof Clarke will serve for three years.
They will serve on the commission alongside Central Bank governor Prof Patrick Honohan, head of financial regulation Matthew Elderfield, head of central banking Tony Grimes and secretary general of the Department of Finance Kevin Cardiff.
