Business Irish

Thursday 8 December 2016

Central Bank departures continue as deputy governor Stefan Gerlach to step down

Published 25/09/2015 | 11:17

Patrick Honohan, right, governor of the Central Bank, and deputy governor Stefan Gerlach, at the launch of the bank’s Annual Report 2013. Tom Burke
Patrick Honohan, right, governor of the Central Bank, and deputy governor Stefan Gerlach, at the launch of the bank’s Annual Report 2013. Tom Burke

The wave of departures of senior staff from the Central Bank is to continue, with Deputy Governor Stefan Gerlach confirming he plans to step down by the end of the year.

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Central Bank Governor Patrick Honohan  is due to depart in November, at the end of his term of office. The process to fill the Governor’s job is currently underway, but Mr Gerlach, who joined the Bank in 2011, is leaving after he indicated he did not wish to be considered for the top job.

Stefan Gerlach has announced that he will not be seeking a renewal of his contract with the Central Bank, and plans to return to Switzerland to pursue other interests, the Central Bank said in a statement.

 

Governor Patrick Honohan has said: “Stefan was appointed Deputy Governor for Central Banking in September 2011. He brought exceptional skills to the role, which he took on at a very challenging time. His broad experience across the monetary and economic fields was put to very good use in the Bank in his time with us. In addition to his contribution across the monetary policy, economics and financial operations areas, he has been a very valuable member of both the Central Bank Commission and the senior management team at time of significant organisational change. His overall contribution has been greatly valued by me and I wish Stefan all the very best in his future endeavours.

“The timing of this announcement is partly due to the ongoing process to fill my own vacancy. Stefan had already indicated that he did not wish to be considered for the position of Governor and he therefore deemed it appropriate to make this announcement now. The process to fill his vacancy will commence shortly.”

Deputy Governor Stefan Gerlach said: "I have been very privileged to serve as Deputy Governor in the Central Bank of Ireland over the past four years. It has been an extraordinarily challenging and interesting time to be involved in the many issues that the Bank has faced.  I believe the Central Bank has made a major contribution to the ongoing recovery of the Irish economy and to setting it on a firm path of financial stability.

“I am very confident in the leadership right across the Central Bank of Ireland and I believe it is entering a new and exciting phase with a strong and committed group of staff. I would like to thank all of my colleagues for their support and to wish them all the very best for the future."

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