Business Irish

Wednesday 16 October 2019

Government to use headhunter in search for new Central Bank Governor

Patrick Honohan
Patrick Honohan

Peter Flanagan

The government will later today formally advertise for the role of governor of the Central Bank.

Current governor Patrick Honohan plans to step down later this year but in a departure from previous practice, the government has retained an international headhunter to identify his replacement and will also seek applications from interested individuals.

Before the crash the position usually went to a top official in the department of finance.

Finance minister Michael Noonan said he hoped candidates would be identified by September, and a new governor to be named by November this year, although they may not be able to take their position for a time after that.

Mr‎ Noonan was speaking at the publication of the National Treasury Management Agency's 2014 annual report.

The minister said he expected the country's debt to GDP ratio to fall below 100pc next year and come close to the Eurozone average of 95pc.

He added that he would not force Nama officials to appear before the Northern Ireland Finance Committee investigating the Project Eagle sale of property loans, but added Nama would provide written answers to any questions sent to them by the North's politicians.

NTMA boss Conor O'Kelly said his agency was preparing to refinance about €35bn worth of debt due to mature between 2018 and 2020, and added that the agency was looking at issuing bonds denominated in dollars in an effort to diversify the agency's investor base.

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