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Brian Lenihan is Europe’s Worst Finance Minister
Read more about: Economy, Features, Fianna Fail 
On the day it emerges that AIB will merge the position of chief executive and chairman – contravening pretty solid principles of corporate governance – and install Dan O Connor in the position from within the bank, Brian Lenihan’s credibility takes a further dent as he comes bottom of the pile in this year’s ranking of top EU finance ministers by the Financial Times.
Interstingly they had this to say about Lenihan:
Erik Nielsen of Goldman Sachs praises Ireland’s Brian Lenihan and the bold measures Dublin took to address the country’s particularly severe economic and banking crisis. Other judges were still reeling from Ireland’s go-it-alone approach in the immediate aftermath of the Lehman collapse, and the country is still deep in crisis.
Christine Lagard of France takes top spot, with Peer Steinbruck behind. The credibility rating for Lenihan will take a further hit as the FT digests the news that the incoming AIB executive chairman and managing director will be paid in excess of the recommended pay caps:
Mr Doherty, AIB’s preferred choice as chief executive, is set to be appointed to the new post of managing director in a compromise reached with the Government, which had favoured the appointment of an external candidate as chief executive.
As part of the deal, the bank’s chairman Dan O’Connor will assume management responsibilities as executive chairman, working alongside Mr Doherty…
Mr Doherty’s annual salary is expected to remain at about €633,000, the amount he was paid in 2008..
Mr O’Connor, who became chairman during the summer, is expected to be paid €390,000, the reduced annual fee paid to his predecessor, Dermot Gleeson. This would be in excess of the €276,000 recommended by the committee on executive pay appointed by the Government under the bank guarantee.
The Eurozone is fairly f****d if 11 of it’s finance ministers are less competent than Alistair Darling……
They’re still sore about the guarantee, it seems…
We are the ones that are f**ked while the rest of the Eurozone prepares to come out of recession, we have been burdened with NAMA and 4 billion in cuts in public spending. The wonderful strategies by the bungling fool Lenihan and his FF cronies to recue bankers and property developers has brought the country to its knees and mass emigration will be his legacy. I for one pray for IMF so we can finally free ourselves for these morally bankrupt and corrupt clowns
Well it appears most of the negatives are around the early days (e.g. the medical card fiasco) and also the unwillingness of the people to accept such harsh medicines. Public unrest is cited as a factor against him. They appear to be reserving judgment somewhat though as “if he holds his nerve” (and delivers on NAMA and the 2010 budget) then a more favourable rating would appear to beckon next time round..
Also there may be an element of sour grapes here. Still sore from McCreevy’s “two fingers” the eurocrats were smarting again over Ireland taking the lead in the immediate outbreak of financial crisis. Some quotes below:
“Some ministers proved more controversial than others. Erik Nielsen of Goldman Sachs praises Ireland’s Brian Lenihan and the bold measures Dublin took to address the country’s particularly severe economic and banking crisis”
“Other judges were still reeling from Ireland’s go-it-alone approach in the immediate aftermath of the Lehman collapse, and the country is still deep in crisis”