Cathal O’Caoimhe, who stood down as FBD chief financial officer (CFO) late last year after having to issue repeated profit warnings to the market, has this week been reappointed to the same position.

In January, the now interim chief executive officer (CEO) Fiona Muldoon was appointed at short notice to his position. She left the Central Bank six months earlier. Shortly after Muldoon’s appointment as CFO in FBD, she took up a positon on the board of Bank of Ireland.

Now she has decided to reappoint the person whom she was brought in to replace. One wonders whether his stepping down was to appease the markets at the time, and also what effect his reappointment will have.

With all the recent movements, it is beginning to get difficult to keep track of what is going on in FBD. There are 49 seats occupied by 35 individuals on the various boards of FBD Holdings, FBD Insurance, FBD Trust, FBD Property and Leisure, and Farmer Business Developments.

We’ve had repeated profit warnings, the bolstering of its reserves in 2011 and another attempt now in process, the resulting collapse of the share price, the matrix of FBD entities, the stepping down of the CFO, the appointment of a new CFO, the resignation of the CEO, the appointment of the new CFO to interim CEO, and the new CEO reappointing the old CFO, all while the new interim CEO sits on the board of Bank of Ireland.