Given its dismal performance in the past year and the Alliance & Leicester debacle, Current Account can't help not getting too excited about the boardroom changes at Bank of Ireland. Words like deckchairs and Titanic spring to mind.

Mr Laurence Crowley, a longstanding member of the Bank of Ireland board and an eminent accountant, is also active in the field of post-graduate business education at the Smurfit Business School. But it is difficult to shake the feeling that appointing the 62-year-old Mr Crowley to the governor's position is not a forward-looking move.

When Mr Howard Kilroy was appointed governor a few years ago, the introduction of a highly-regarded industrialist from outside the banking system was seen as an excellent move by the bank.

With Mr Kilroy retiring next July, Bank of Ireland had the option of also looking outside the bank and appointing a governor whose expertise extended beyond the broader banking and financial services area.

The bank has, however, chosen to play it safe with the appointment of Mr Crowley. With no disrespect to Mr Crowley, whose skills in his own area are legendary, would it not have been a more progressive move to go outside the bank and its existing board. The loss of Unilever's Mr Niall Fitzgerald is also an unwelcome development.

No quibble with the elevation of Mr Paul Dalton and Mr Brian Goggin to the board. The appointment of 47-year-old Mr Goggin reinforces the view that he is the chief executive-in waiting when Mr Maurice Keane steps down.