Wednesday 21 August 2019

Gerlach questions decision not to give Donnery top job

Sharon Donnery. Photo: Gareth Chaney/Collins
Sharon Donnery. Photo: Gareth Chaney/Collins
Donal O'Donovan

Donal O'Donovan

Former Central Bank Deputy Governor Stefan Gerlach has described as "very odd" Finance Minister Paschal Donohoe's decision not to appoint Sharon Donnery as Governor.

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

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Post puzzle: Stefan Gerlach (pictured) said Sharon Donnery's profile was 'excellent but apparently not good enough to be appointed Governor'. Photo: Tom Burke
Post puzzle: Stefan Gerlach (pictured) said Sharon Donnery's profile was 'excellent but apparently not good enough to be appointed Governor'. Photo: Tom Burke

On Monday, as Philip Lane took up a new role at the ECB and Deputy Governor Ms Donnery became acting Central Bank Governor here, Mr Gerlach posted a message 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 [sic] 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.

Mr Donohoe named Gabriel Makhlouf to take over from Prof Lane last month. Mr Makhlouf is 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 hackers had obtained it and called the police. It later transpired the budget had been available early on his department's website.

Irish Independent

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