Business Irish

Wednesday 26 October 2016

TCD economics professor Philip Lane to be appointed new Central Bank governor

Published 20/10/2015 | 12:02

Professor Philip Lane
Professor Philip Lane

TCD economics professor Philip Lane is to be nominated as the new Central Bank governor.

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Finance Minister Michael Noonan said Prof Lane's "outstanding economic, financial and policy making record ideally position him to lead the Central Bank in the coming years."

He replaces Prof Patrick Honohan who will retire shortly. Prof Honohan - a former colleague of Lane at TCD - said he was "delighted".

"I have known and worked with Philip for almost twenty years and I am confident that he has the capacity and commitment to lead the Central Bank of Ireland as it delivers on its mandate in the coming years."

Prof Lane and Department of Public Expenditure and Reform Secretary General Robert Watt were the final two candidates for the role.

"Prof 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," Mr Noonan said.

"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.”

Prof Lane has a PhD from Harvard and has taught at Columbia University in New York.

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