Margaret Hayes and Ray MacSharry have advised the board of Permanent TSB that they do not intend to stand for re-election at the company's AGM in May.

Both Ms Hayes and Mr MacSharry have been public interest directors at Permanent TSB since January 2009 at the behest of then minister for finance Brian Lenihan to represent the taxpayer.

Alan Cook, Chairman of Permanent TSB said that both directors have been ''valued colleagues and have made enormous contributions to the Board during their respective tenures''.

The Department of Finance has said that it is considering its "next steps" following the decision of Mr MacSharry and Ms Hayes to step down.

The Department will have to decide whether it will replace them with new nominees.