Podcast: Presidential candidate Mary Davis says her qualifications for sitting on the board of ICS Building Society were that she had “lived my life” http://tinyurl.com/644pn5k
None of this would matter a whit were it not for the whole “we are where we are” predicament we find ourselves in. The boards of every financial institution in the country used to be fleshed out with people with varied life experience but who wouldn’t be able to tell the profit from the loss side of a balance sheet. With her Master’s Degree in Physical Education Davis wouldn’t have been unlike some other Bank directors of the boom years.
ICS were one of the earliest lenders to offer controversial 100% mortgages to first time buyers. Very significant numbers of those people are in big trouble now. ICS also lent, it appears to me, without regard for where the money was coming from and what it was costing the Building Society. We’re all picking up the tab for that one now.
I went back through seven years of ICS annual reports (all so you don’t have to)which cover the period that Mary Davis sat on the Board of Directors. I had quite a few things that I thought it would be interesting to hear her take on now. But we really only dealt with about three issues before the minders closed in and she walked off. One of the voices just about audible off mic is that of former TD Mildred Fox intervening.
Kathy Sheridan’s piece in the Irish Times the following morning suggested that Davis was crying after the interview. If she was, it is not something I take any pleasure in but the subsequent denunciations of me by her campaign team were totally OTT. Just for the record, I didn’t just turn up and ambush her. I spent three days negotiating terms with her Press Officer and had given her advance notice of the areas to be covered in the interview.See more