State will not appoint bank chief

THE Government will break with tradition and will not appoint a top Department of Finance mandarin to fill the post of governor of the Irish Central bank when incumbent John Hurley steps down next September.

Mr Hurley, 63, who is also member of the European Central Bank’s Governing Council, will retire from both positions on September 25.

Mr Hurley’s term in office at the Central Bank was due to end in March but he agreed to stay on longer to ensure a steady hand during the financial turmoil that has hit the country hard.