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Finance Minister Donohoe takes over as chair of post-Troika bailout fund

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Minister for Finance Paschal Donohoe. Photo: Gareth Chaney/Collins

Minister for Finance Paschal Donohoe. Photo: Gareth Chaney/Collins

Minister for Finance Paschal Donohoe. Photo: Gareth Chaney/Collins

Finance Minister Paschal Donohoe has been appointed as chair of the European Stability Mechanism (ESM), the euro area’s main bailout fund. 

The appointment follows automatically from Minister Donohoe’s election as President of the Eurogroup.

The position, which runs in parallel with his job as Irish Finance Minister means he will chair all the meetings of the EU’s 19 richest member states, a job with the potential to wield a lot of influence.

He will take over from the outgoing president Mario Centeno on July 13 and will serve a two and half year mandate until the end of 2022.

Mr Donohoe was backed by the powerful EPP party grouping the decision by the 19 EU countries which use the Euro. Ministers met by videolink to cast a secret ballot.

The ESM was established in 2012 to replace the European Financial Stability Fund and European Financial Stability Mechanism, which had funded the EU share of the Irish, Greek and Portuguese sovereign bailouts.

Minister Donohoe welcomed his appointment stating: “It is a great honour to be appointed Chairperson of the ESM Board of Governors, and I thank my colleagues for placing their confidence in me.”

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