Central Bank seeking two new directors

Brendan Burgess

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Appointments to the Central Bank Commission
Expressions of interest are now invited from applicants who consider they possess the skills and experience necessary to join the Central Bank Commission.

Candidates must have extensive senior management or board level experience in one or more of the following areas.
Accountancy
Risk management
Financial stability
Prudential regulation
International financial regulation and/or other central banking experience
Financial Services
Corporate Governance
Voluntary/community sector of relevance to the functions of the Commission.

In particular experience of one or both of the following is highly desirable:

Accountancy: Hold membership of a recognised professional accountancy body; and have extensive senior level professional experience as an accountant at partner level or similar in industry. Candidates should also have experience as a member of an Audit Committee, of having reported to or worked with an Audit Committee, or other comparable experience in the area of audit and a proven experience of corporate governance and/or compliance.

Risk Management: Have extensive professional experience of risk management at a senior level; and have previous experience as a member of a Risk Committee, having reported to or worked with a Risk Committee or other comparable experience in the area of risk; and Proven experience of corporate governance and/or compliance.

Appointment to be made by
  • Minister for Finance
Location of Board Meetings
Dublin



Closing Date for Submission of Expressions of Interest
19/07/2016
 
Here are the current members:

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Government urged to put consumer reps on Central Bank board

Although the advert seeking commission candidates makes reference to a need to have "relevant knowledge" of consumer interests, much of it references accountancy, risk management and corporate governance under the section listing skills candidates should possess.

Deputy chairman of the Consumers Association Michael Kilcoyne said experts were of little use when the financial system crashed in 2008.

"What we do not need is more financial experts. We need people to represent ordinary consumers. Most consumer representatives do not have expertise in risk management or accountancy," he said.
 
Take a look back Brendan at who was on the Central Bank board at the time of the crash, One David Begg and One Deirdre Purcell, fat lot of good they did in challenging times.

Need a David McWilliams on the board
 
I did like the 2nd last paragraph in that article, Longer term, we can expect foreign banks to move here, setting up offices in Ireland and creating a banking industry which will thrive. We have set the template. The upside greatly outweighs any possible downside. The system is the most important thing at this stage. A threat can now, with the right accompanying policies, be turned into an opportunity.
Brexit is starting to allow that happen, Credit Suissse being the first of many.
Who would be suitable? Who would challenge Lane and the other board members? you need a strong independent individual(s).
 
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Take a look back Brendan at who was on the Central Bank board at the time of the crash, One David Begg and One Deirdre Purcell, fat lot of good they did in challenging times.
Given the requirements above, especially the accountancy parts one has to ask how they got on the board in the first place. But I think we know the answer to that one :(
 
Brendan I think you would make a positive impact, you should go for it, keep these banks honest!

I would agree that Mr. Burgress should consider applying for one of the positions, although in the first instance, he would be trying to steer the Central Bank in the right direction I would think.
 
Brendan, you would be a great representative on behalf of all consumers and not just us long suffering SVR holders. We have similar issues with the car insurance industry with us motorists suffering also. Charlie Westons article in today's indo highlights how claims have been falling in recent years but those costs have been going up just like SVR'S were in the ear between 2009and 2014 approx. The other reason I give a car insurance story here is that the man I mentioned in it Charlie Weston would be a great addition here although I do appreciate his journalism commitments probably prevent it. I do admit i would miss his articles if he did go for it as hes been keeping the SVR issue highlighted .I'm sure Padraig Kissane would do a great job too if he was in a position to go for it but I'd imagine too many people he's working for re trackers etc as well as other areas would be too upset if he went. My point here is I do agree we need a consumer advocate on the committee and not just all financial whizz kids who would suit Philip Lane and co perfectly along with the status quo, it would be brilliant if any one of the 3 people I mention here could go for it.
 
I would be effectively barred from commenting on consumer issues. If I thought that I could achieve something from the inside, it might be worth doing that. But what are the chances of achieving anything?

Here is an extract from the Code of Ethics for the members of the Commission:

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Members may speak publicly, or publish items, in a personal (or other non-Commission) capacity on matters other than those relating to the Central Bank and its functions. If doing so, a member should make clear that they do so in that particular (personal or other nonCommission) capacity and take care to avoid any adverse consequences or perceptions of the Commission or the Central Bank arising from any such public engagements."

I believe that heads should roll at Ulster Bank for the way in which they dealt with Niamh. Could I say this in public if I were on the Commission of the Central Bank? Or would it be more effective for me to say it inside the tent rather than outside the tent.

I have been very critical of the Central Bank for misleading the public on mortgage rates in Ireland. As a Commission member, would I get to see that report before it was published? Probably not.

They have handled the tracker rate issue incompetently. Could I say that if I were a member of the Commission?

"Role of the Commission
The Central Bank Commission (the Commission) has the following statutory functions: management and control of the affairs and activities of the Bank; ensuring that the Bank’s financial regulation and central banking functions are coordinated and integrated; and ensuring that the statutory powers and functions conferred on the Bank are properly exercised and discharged. In addition, the Commission has adopted its own terms of reference, which sets out how it can best deliver on those responsibilities.

The Central Bank Act 1942 (as amended) provides that any of the statutory functions may be delegated by the Commission to the Governor, a Deputy Governor or an employee of the Bank. In the interests of the efficient and effective management of the Bank and the exercise of its powers and functions, the exercise of most of the Bank’s statutory functions and powers are delegated to the management members of the Commission. Where functions are so delegated, the responsibility and accountability for the performance of these functions lies with that management member. However, the Commission, often through its three committees (Audit Committee, Budget & Remuneration Committee, and Risk Committee), monitors and reviews the performance of management members in exercising these functions and powers and examines the Bank's internal controls. In addition, where operational matters are brought before the Commission for decision, the Commission ensures that the Bank is acting in an appropriate manner consistent with its statutory functions and powers.

The Commission engages with management members on issues of strategic importance to the Bank (other than ESCB functions) and advises, supports and constructively challenges them as appropriate. It also contributes to the formulation of a strategy to allow the Bank to achieve its statutory functions and it reviews the Bank's performance in relation to this strategy."


I know that I would be in a minority of one on many, many issues. Having said that, Alan Ahearne and John Fitzgerald are very good guys and independent in their thinking. But I am not sure if I could persuade them that consumers matter.
 
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I would be effectively barred from commenting on consumer issues. If I thought that I could achieve something from the inside, it might be worth doing that. But what are the chances of achieving anything?.....

Bit of a Catch 22 there really ... join and try to influence, but you are restricted on what you can say publically or don't join, be free to speak publically, but have no influence.

From the CBs point of view, some Board members might see the opportunity to bring you in as beneficial, if only to keep you quiet ;)
 
I think as a condition of becoming a member of the commission, partially given your large degree of expertise as a consumer advocate, that the rules should be adjusted in your case to allow you to speak openly.

This is what the central back needs, someone who will tell it like it is, yes they are incompetent and yes their colleagues in the finical institutions should be made accountable for how they have treated their customers over the last 8 years.
 
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