HBFI is a private company formed under the Companies Act 2014, limited by shares with the shares held by the Minister for Finance. The memorandum and articles of association of HBFI have been approved by the Minister.
The HBFI Board will consist of not more than seven directors, one of whom will be appointed as chairperson by the Minister.
HBFI will establish three Board committees – a Credit Committee, an Audit & Risk Committee and a Remuneration Committee and these Committees will be chaired by non-executive Board members.
HBFI’s accounts will be audited by the C&AG. It is proposed that a senior officer assigned to HBFI or an ex-officio HBFI Board member will be nominated by the Chairperson as the accountable person for the purposes of giving evidence to Oireachtas committees.