DAVID BEGG on Board of Directors of Central Bank


#1

centralbank.ie/frame_main.as … bt_nav.asp

Noticed this in an article of one of the Sunday papers.

We’ll have to do a bit of reading up here, but I’m sure Mr.Begg has been quite vocal on how the banks have been lending irresponsibly during his tenure on the board. :confused:

Of course, if not, you should resign from your position on both the board and the ICTU as your hands would be dirty, you would have had a responsibility to highlight the gross mislending of the banks.


#2

Also, just glanced at other members and noticed a large crossover with the regulator:
ifsra.ie/data/au_files/orgchart.pdf

Chairman: Jim Farrell
Members: Alan Ashe, Gerard Danaher, John Dunne, Alan Gray, Tony Grimes, Mary O’Dea, Deirdre Purcell and Dermot Quigley
Other Attendees: Con Horan (Prudential Director) and Martin Moloney (Secretary)
Acting Chief Executive
Mary O’Dea

Central Bank:
JOHN HURLEY, Governor
TONY GRIMES, Director General
DAVID BEGG
GERARD DANAHER DAVID DOYLE
JOHN DUNNE
JIM FARRELL
ALAN GRAY
DR. BRIAN HILLERY
MARY O’DEA
DEIRDRE PURCELL
DERMOT O’BRIEN
BRIAN HALPIN, Secretary

Could anyone with a bit more knowledge on this please tell me how on earth such a crossover is allowed?


#3

This should make him popular on Dame Street…


#4

Wasnt there a whole article in Saturdays Irish Times about the cross-polination thats rampant in the people who make up the board of directors of various State and financial organisations.

Anyone post it up, Id be dammed if I will pay the IT to subscribe to their website. I only evers read the IT when the local homeless guy is done with sleeping on it.


#5

IT is free online now isn’t it?


#6

And in a similar vein, Peter McLoone, Head of public section union IMPACT, is also Chairman of FAS…FAS that included an executive car in Mr Roddy Molloy’s golden handshake…

Is the whole world mad, or maybe I’m the one that’s mad and everyone else is sensible??


#7

You’re the one that’s mad and everyone else is creaming it… :nin


#8

Conor Mc, I think you’ve just hit the nail on the head! :laughing:


#9

Actually, should he be allowed to make these kind of statements when he’s on the board of the Central Bank?
How does this affect investors and their right to recourse if nationalisation happened?


#10

You’re right to call shenanigans on that one. What was he thinking?


#11

In his speech to saturday’s marchers, Begg referred to the need to “clean out the Aegean stables”.

Begg was on the board of a complacent and negligent central bank. He saw nothing. He was on the board of Aer Lingus
when an improper payment to its chief executive was agreed. He saw nothing.

The stables need mucking out? That would be the horseshit.


#12

I’ll bet you he seen the remuneration as in directors fee and expenses, there is so much cronyism in this country its a joke. We need a little bit of a revolution to clean the pigs out of the trough. Maybe a little bit of corporal punishment as well. :imp:


#13

I’m currently running through the present members, doing a google search.

Begg has been on the board since 1995!

In '03 the salary was 92K! Page 17

centralbank.ie/data/AnnRepFi … evised.pdf

Come on Journos/media!


#14

13 -14 years is a mjor corporate governance issue if I remember a module I took recently in accoutning correctly.


#15

Mr. Begg has in the past countered Michael O’Leary on his receipts of directors payments by saying it goes to the union and he receives just his salary from the union. Whether that includes expenses, I don’t think they got into…


#16

From that '03 report:

So all the CB did was to tell IFSRA to “liaise” with the banking sector.

Off with their heads!

Begg has been Chair of the Audit committee since as far back as I can go: '98 centralbank.ie/data/AnnRepFi … Report.PDF

Here aer the duties as prescribed in 2007
centralbank.ie/data/AnnRepFi … 20Bank.pdf

Does this include how other banks behave within the country?

Also, it appears that directors remuneration was €140K in 2007 (see page 53 of link above)

How does remuneration go from 92K to 140K from 2003 to 2007?!
A jump of 48K or just over 50% in 4 years.

I’d love to know how the remuneration committee could justify that!


#17

Question for anyone who may know.
What are David Beggs qualifications for being a director of the central bank apart from hes a social partner? :unamused:
As if that makes a f***ing difference in running the economy into the ground.


#18

irishtimes.com/newspaper/let … 74202.html

Fair play to ya Fitzy! ( it ain’t me)


#19

Hi Kevin!

independent.ie/opinion/colum … 50637.html

independent.ie/opinion/lette … 51913.html


#20

centralbank.ie/data/AnnRepFi … 20Bank.pdf

This is from 2008 - Can anyone tell me who from the board of directors has been cleared out and who hasnt?
Will any of the new parties be putting qualified people on boards of state owned institutions/businesses?
Or will nothing change?