I have been informed by the Central Bank of Ireland that in June 2011 it commenced a review of the fitness and probity of all sitting directors of the six banks and building societies covered by the State guarantee. As part of that review the Central Bank wrote to all directors of the relevant institutions in June 2011 to see if they planned to remain in their post beyond January 2012. There were 73 directors in situ at the time of the signing of the State guarantee in September 2008, 71 of which have subsequently stepped down or retired.
I note that the Central Bank has concluded its review of the remaining directors in June this year. The Central Bank has concluded that based on the evidence available, it had no reason to suspect the fitness and probity of those individuals pursuant to section 25 of the Central Bank Reform Act 2010.