Ireland kicks off hunt for successor to ECB-bound central bank chief
* Ireland to have two rate setters at ECB for first time
* Deputy central bank chief leads list of candidates
* Lane's successor may have to grapple with messy Brexit
(Adds no comment from prospective candidates)
By Padraic Halpin
DUBLIN, March 22 (Reuters) - Ireland began the search for a
new central bank governor after Philip Lane was appointed on
Friday to the European Central Bank's executive board by
European Union leaders.
The confirmation of Lane as the ECB's new chief economist,
widely expected, will cut short his seven-year term at home at
the halfway point. He is due to take up his position in
Frankfurt on June 1.
His successor will also sit on the ECB's Governing Council,
the first time Ireland will have two rate setters. Candidates
have until April 5 to apply, the finance department said in a
Lane was chosen from a list of 100 potential candidates when
the department hired executive recruiters to carry out a similar
national and international search in 2015. The successful
candidate is picked by the government.
One of Lane's two deputies at the bank, Sharon Donnery, is
well positioned having narrowly lost out in the race to head the
ECB's supervisory arm last year, winning plaudits from Finance
Minister Paschal Donohoe in the process.
Robert Watt, who heads Ireland's department of public
expenditure and has worked closely with Donohoe, was the
bookmakers' favourite for the role last time before Lane emerged
from a shortlist of four.
Andrew McDowell, a vice-president at the European Investment
Bank and chief economic advisor to the Irish prime minister
until 2016, has also been mentioned in senior political circles
as a possible replacement, the Times Ireland newspaper reported
McDowell, Watt and Donnery - through a spokeswoman for the
central bank - declined to comment.
Lane took charge when an economic recovery was firmly in
train after an international bailout a decade ago. His successor
will take on an economy either on the verge of overheating or
facing another major economic challenge, if neighbouring Britain
leaves the European Union without a deal to smooth the
"Philip is an outstanding economist, and has made an
important contribution over the last four years as Governor of
the Central Bank," Donohoe said in a statement, expressing his
delight at Lane's appointment to such "a prestigious position".
(Editing by Catherine Evans, Janet Lawrence and Frances Kerry)
First Published: 2019-03-22 17:53:25
Updated 2019-03-22 22:21:41
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