Govt Make Central Bank Governor Recommendation

The government has recommended Professor Philip Lane be appointed as the next Governor of the Central Bank.

Minister for Finance, Michael Noonan, has advised President Higgins to appoint Professor Lane when the current governor, Professor Patrick Honohan, retires later this year.

Speaking about the government's recommendation, Minister Noonan said: "I would like to congratulate Professor Lane on his nomination to this prestigious national and European position.

"Professor Lane's outstanding economic, financial and policy making record ideally position him to lead the Central Bank in the coming years. Also, his appointment by ECB President Draghi to chair the Advisory Scientific Committee of the European Systemic Risk Board demonstrate the standing he is held in at European level.

"Professor Lane was chosen as the Government's nomination to the position of Governor following an extensive national and international executive search process to identify suitably qualified candidates in Ireland and abroad.

"This was undertaken due to the unique importance of the position of Governor of the Central Bank to the Irish financial system and the Irish economy.

"Over one hundred potential candidates were identified from around the world, with a wide-ranging and rigorous selection process resulting in the nomination of Professor Lane.

"This was the first time such an open selection process was used for the appointment of the Central Bank Governor and I would like to thank all of the applicants for putting their names forward for this role.

"I also appreciate the efforts of all involved in the search process, including the interview panel and their advisers, Merc. I particularly valued the feedback from the interview panel members."

Professor Lane is currently the Whately Chair of Political Economy at Trinity College Dublin.

(MH/JP)