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the issues In brief


Over 400 applications for new bank directorships


Some 400 applications for bank direc- torships were received from members of the public following an advertising cam- paign seeking qualified people to sit on the boards of Irish banks. In line with the new programme for


government, the Department of Finance placed advertisements for bank direc- tors in the national papers and it said the majority of applicants appear to have financial expertise. The department said the ads, which


sought expressions of interest from “suit- ably qualified persons”, were designed to ensure a high-calibre field from which new directors may be chosen. The Department said the hiring process will be more open and transparent.


InterimHSE board announced


Minister for Health Dr James Reilly unveiled the interim board of the Health Service Executive (HSE) in May, stating the move marks a new phase in the rela- tionship between Ireland’s healthcare services and the government. The previous board resigned lastmonth


following a meeting with the new minis- ter. However, the board will still be chaired by Dr Frank Dolphin. There are still two vacancies to be


filled, but the new board includes: Cathal Magee, CEO, HSE; Michael Scanlan, secretary-general, Department of Health; Dr Tony Holohan, chief medical officer, Department of Health; Paul Barron, assistant secretary, Primary Care & Eligibility, Department of Health; Bairbre NicAongusa, director, Office for Disability & Mental Health & Citizen Participation, Department of Health; Dr Barry White, HSE national director, Clinical Strategy & Programmes; Dr Philip Crowley, HSE national director, Quality, Risk & Clinical Care; Laverne McGuinness, HSE national director, Integrated Services – Performance & FinancialManagement; and Brian Gilroy, HSE national director, Integrated Services – Reconfiguration.


12 Irish Director Summer 2011


Eurozone backsDraghi as next ECBchief


Italian central bank chair Mario Draghi is set to become the next European Central Bank (ECB) president following an endorse- ment from the eurozone finance ministers in May. Although it seemed like a done


deal when Draghi received the backing of German Chancellor Angela Merkel, he had to be for- mally endorsed at the meeting of euro area ministers on 16 and 17 May. The approval is the first for- mal step necessary before the appointment is finalised at a European Summit later this year. The European Parliament in Brussels is scheduled to vote in June on Draghi’s nomination and, once approved there, a final deci- sion will be made by eurozone governments in July. Known as “Super Mario” in his


home country, Draghi is a popular successor to current head Jean- Claude Trichet, whose term ends in October. Eurogroup president Jean-Claude Juncker said Draghi was the “unanimous” choice. The 63-year-old is currently the


head of Italy’s central bank and also sits on the ECB’s interest rate-setting committee. Draghi was appointed governor


of the Bank of Italy in 2005. Prior to this, he was vice-chairman and managing director of Goldman Sachs International and amember of the management committee. At the same Ecofin meeting,


Juncker told Greece that it may need a “soft restructure” of its debt. He said Greece’s first prior- ity had to be upping its sale of


state assets as it attempts to raise €50bn to pay down its debts. “If Greece makes all these


efforts, then we must see if it is possible to make a soft restructur- ing of Greek debt. I am strictly opposed to a major restructuring


Mario Draghi, governor of Italy’s central bank and incoming ECB president


of Greek debt,” said Juncker. Allowing some debt restructure


seems to be the ‘carrot’ the European Commission will offer Greece in exchange for a more accelerated privatisation pro- gramme. The government has been dragging its heels about the sale of some of its publicly owned businesses. During a busy meeting of the


finance ministers, a €78bn rescue package for Portugal was also approved. Portugal’s caretaker government requested external assistance on 7 April and it was unanimously granted on 16 May, making it the third country in the eurozone to receive financial aid. The three-year programme for


Portugal is both ambitious and frontloaded, said the euro area ministers, but it still “safeguards the most vulnerable”. The European Commission said the Portuguese authorities will undertake to encourage private investors to maintain their overall exposures on a voluntary basis. Ireland’s economic situation and


bailout programme slipped off the radar somewhat, and a cut in the interest rates payable on the res- cue package was not discussed.


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