The secondment arrangement for the person referred to in the question is appropriate at this time as IBRC continues to explore opportunities for deleveraging with a view to maximising the recovery for the taxpayer. The addition of this person to the bank’s senior management team, as Head of Market Solutions, brings a wealth of expertise and knowledge to IBRC and will further strengthen the organisation. This arrangement does not in any way infer any lack of confidence on my part in the Board and management of the bank in carrying out the mandate of the bank. The person referred to in the question’s experience in banking coupled with experience as Assistant Secretary in the Dept. of Finance will serve to assist the IBRC management team in identifying deleveraging opportunities and the formulation of strategy. As Head of Market Solutions at IBRC, this person is responsible for all aspects of deal execution in respect of certain designated portfolios. In addition as a member of the Bank’s Group Executive Committee (GEXCO) and the Transaction Review Committee, this person will participate fully in the formulation of strategy for IBRC as a whole.
