At a time when the need for a fresh start in Irish banking is never more urgent, the decision of the Bank of Ireland to appoint an internal candidate to replace Mr. Brian Goggins as Chief Executive as chief executive is most disappointing.

I am not in any way casting any aspersions on Mr. Boucher’s ability or integrity, but this is a missed opportunity to signal a new beginning in Irish banking.

Mr. Boucher was one of a number of senior banking executives who, only last summer, assured the Oireachtas Committee on Finance that the fundamentals of the Irish banking system were sound.

Given that the government is providing €3.5bn in taxpayers’ money to facilitate the recapitalisation of Bank of Ireland, we are entitled to ask if the Minister for Finance was made aware of this appointment and if he gave his approval.

For all the government talk of a new regime in Irish banking, this appointment will be viewed as a signal of ‘business as usual’.