The Minister for Finance Mr McCreevy has defended Mr Donal Geaney's position as chairman of the National Pension Reserve Fund (NPRF).
Mr Geaney resigned as Elan's chairman and chief executive yesterday morning, paying the price for the collapse in the company's share price since January.
The general secretary of the Irish Congress of Trade Unions, Mr David Begg, subsequently said Mr Geaney should also step down from his position as the chairman of the NPRF.
Speaking in Dublin today Mr McCreevy said: "The Chairman of the National Pension Reserve Fund is a totally different job to that of being the head of a public company"
"Mr Geaney doesn't actually handle the pension fund. The management of the fund is a matter for the National Treasury Management Agency."
Mr Geaney was appointed chairman by Mr McCreevy, last year.
The NPRF was set up to pre-fund public sector pension liabilities, and the Government is committed to contributing 1 per cent of GDP to the fund each year.