Sunday 18 August 2019

Lane beat 16 others to Central Bank job

Professor Philip Lane. Photo: Collins
Professor Philip Lane. Photo: Collins

Gordon Deegan

THE incoming Governor of the Central Bank, Prof Philip Lane, beat off competition from 16 other candidates who were interviewed for the €254,048 a year post, Finance Minis Michael Noonan has confirmed.

The outgoing Governor, Prof Patrick Honohan, is due to step down from his role towards the end of this month.

Mr Minister Noonan said that of the 17 candidates who underwent a preliminary interview, eight were based overseas.

In a written Dail reply to Fianna Fail Finance spokesman Michael McGrath, he said that after receiving a briefing from recruitment agency Merc Partners and considering the shortlist, an interview panel selected four candidates for final interview. Two of them were based overseas.

One of the four to reach final interview along with Prof Lane, inset, was the Secretary General of the Department of Public Expenditure, Robert Watt.

It is understood that the Minister for Public Expenditure, Brendan Howlin, pressed for Mr Watt's nomination to the prestigious post.

Prof Lane (46) has already been appointed to the Central Bank Commission in preparing for assuming his new post.

Last year, Prof Honohan gifted back €57,048 of his salary to the Minister for Finance resulting in net pay to Prof Honohan of €197,000.

Minister Noonan said that he is unable to say how much employing Merc has cost as the firm has yet to deliver a bill to the Department of Finance.

Deputy McGrath said yesterday: "No stone can be left unturned in attracting the best candidates.

"In Prof Lane, I believe we have someone with an excellent track record who has the skills and experience necessary to fulfil the onerous responsibilities that come with the post."

Irish Independent

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