The board of the Central Bank provides necessary strategic direction to the bank. The board must be clearly seen as independent of the Government in the exercise of this and other functions. My main aim in making appointments to the board of the Central Bank is, therefore, to select persons with the required qualities and attributes to make a contribution and who can be seen to be independent of Government in the performance of their functions.
I might, perhaps, explain that the board of the Central Bank comprises the Governor, who is an ex officio member and nine other directors. One director is the Secretary General of my Department and is appointed by me on an ex officio basis.
Of the remaining eight directors, four were initially appointed prior to my taking office as Minister, but their appointments were renewed on the basis of their previous satisfactory service. The remaining four directors, all male, were appointed by me on the basis that they would be likely to make a valuable contribution to the work of the board.
I am, of course, mindful of the Government's commitment to achieving a greater gender balance on the boards of State bodies and I have regard to that factor as vacancies arise on the board of the Central Bank.