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McCreevy quits new bank job

brussels bureau

McCreevy quits new bank job


Charlie McCreevy, the former Internal Market Commissioner has left his new job at UK investment bank NBNK amid accusations of a conflict of interest.

This is the first time that the Ethics Panel has made such a stand and follows general concern about the business activites of ex-Commissioners.

Olivier Hoedeman, of the Corporate Europe Observatory, said: “I think it was very cynical to see that Mr McCreevy was involved in a bank that would, as its business model, have the buying up of banking assets that were on sale, basically, because of the financial crisis. That is clearly very cynical for the man who was the top regulator for the financial sector before the crisis broke.”

Similar concerns remain over others, like ex Industry Commissioner Gunter Verheugen who has created a new lobbying company which could present a conflict of interest.

Others, including Joe Borg, claim thousands of euros in transitional funds despite having already found lucrative new jobs, often in EU lobbying and related consultancy.

Michael Mann, an EU spokesman said: “The Commission has undertaken to improve and amend its code of conduct. This is what is already under way. And we intend to have that finalised before the end of the year.”

Loobying groups including “Alter-EU” have however called for a three-year moratorium on ex-Commissioners taking jobs connected with their former employment.

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