We must start all over again

16th February, 2009

Enda called yesterday for the entire Board of the Financial Regulator to be sacked. He is right to call for this. The failures in regulation are now so systemic that decisive action must be taken.

We need to go even further. The allegations in relation to Fas, the Dublin Docklands Authority and so on indicate that steps must be taken to dramatically increase the governance and leadership of many semi state
bodies. Things are just too cosy.

I believe that the boards of all major semi state bodies should be reconstituted immediately. The criteria should no longer be what political party you are a member of (including my own) but what experience you have to allow you to perform this job well. These decisions should be made in a transparent and evidence based manner.

I believe sadly, that the Galway tent lives on in how too many decisions and appointments were made. A complete fresh start is needed in all semi state boards and board appointments made by the state. Nothing less will suffice.