asked the Minister for Finance if he will state the names and qualifications of the Governor and Directors of the Central Bank for the current year.
Ceisteanna—Questions. Oral Answers. - Central Bank Directorate.
The names of the Governor and the Directors of the Central Bank of Ireland are:—Joseph Brennan, formerly Secretary, Department of Finance, appointed Governor on 1st February, 1943, and reappointed on 1st February, 1950; Gabriel Brock, Chartered Accountant, Director, Provincial Bank of Ireland, appointed Director on 1st February, 1943, and reappointed on 1st February, 1945, and 1st February, 1950; Lord Glenavy, Director, Bank of Ireland, Chairman Great Northern Railway, appointed Director on 1st February, 1943, and reappointed on 1st February, 1947; John F. Punch, Director, Munster and Leinster Bank, Limited, appointed Director on 1st February, 1943, and reappointed on 1st February, 1945, William O'Brien, formerly General Secretary of the Irish Transport and General Workers' Union, appointed Director on 1st February, 1943, and reappointed on 1st February, 1946, and 1st February, 1951; Timothy A. Smiddy, formerly Irish Minister to U.S.A., High Commissioner in London and Professor of Economics in University College, Cork, appointed Director on 1st February, 1943 and reappointed on 30th April, 1945, and 30th April, 1950; Malachi Sweetman, farmer, appointed Director on 1st February, 1943, and reappointed on 1st February, 1948; James F. Meenan, University Lecturer, appointed Director on 1st February, 1949; and James J. McElligott, Secretary, Department of Finance, appointed Director on 1st February, 1943.
The governor is appointed by the president on the advice of the Government under Section 19 (1) of the Central Bank Act, 1942. It is provided by the Act that the governor may not be a member of the Oireachtas or a director or shareholder of any bank.
The directors are appointed by the Minister for Finance under Section 23 (1) of the Central Bank Act, 1942. The existing directors were appointed because they were considered to be fit and proper persons to discharge the functions laid down in the Central Bank Act. Three are banking directors, appointed from a panel elected by representatives of the associated banks in accordance with the provisions of Section 23 (2) of the Act, and one is a service director. There is no specific qualification prescribed for the remaining four directors.
No director may be a member of the Oireachtas and no director other than a banking director may be a director of any bank other than the Central Bank.