Sunday 25 August 2019

Decision not to appoint Sharon Donnery as Central Bank governor 'very odd', says Stefan Gerlach

Sharon Donnery. Photo: Collins
Sharon Donnery. Photo: Collins
Donal O'Donovan

Donal O'Donovan

Former Central Bank Deputy Governor Stefan Gerlach has described as “very odd” the decision by Finance Minister Paschal Donohoe’s not to appoint Sharon Donnery to replace Philip Lane as Governor.

Mr Gerlach left the Central Bank in 2015, replaced by Sharon Donnery, and he is now chief economist at EFG bank in Zurich. He frequently comments on Irish issues on the social media platform Twitter.

On Monday, as outgoing Central Bank Governor Philip Lane took up a new role at the ECB and Deputy Governor Sharon Donnery became acting Central Bank Governor here, Mr Gerlach posted a message on Twitter, the social media platform, questioning the decision not to promote her permanently.

“Sharon Donnery is now Acting Governor of @centralbank._ie. She knows Irish banking inside-out, has plenty of @ecb experience, a high profile in Frankfurt and is committed to public service. Her profile is excellent but apparently not good enough to be appointed Governor. Vy odd!”, he wrote.

Mr Gerlach’s Twitter followers include former EU Commissioner Olli Rehn, now the head of Finland’s central bank, Ashoka Mody, former head of the IMF mission to Ireland, and high profile economist Megan Greene.

Paschal Donohoe named Gabriel Makhlouf to take over from Philip Lane last month. Mr Makhlouf is c urgently New Zealand’s Treasury Secretary, heading the finance department there. He was engulfed in a leaking scandal last week after parts of New Zealand’s annual budget fell into the hands of opposition parliamentarians before it was published.

Mr Makhlouf claimed it had been hacked and called the police, it later transpired the budget had been available early on his department’s website.

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