Gabriel Makhlouf nominated as new Governor of Central Bank

The Government has agreed to nominate Gabriel Makhlouf as the new Governor of the Central Bank of Ireland.

Gabriel Makhlouf nominated as new Governor of Central Bank

The Government has agreed to nominate Gabriel Makhlouf as the new Governor of the Central Bank of Ireland.

The nomination is subject to him being appointed by the President.

Current Governor Philip Lane is due to take up a new role in June on the Executive Board of the European Central Bank.

Mr Makhlouf is the Treasury Secretary and Chief Executive of the New Zealand Treasury, and the New Zealand Government’s chief economic and financial adviser.

A statement from the Department of Finance said that Mr Makhlouf nomination comes following "a rigorous and comprehensive international process, which included a public call for expressions of interest, online and media advertising".

Merc Partners who were appointed to manage both expressions of interest from the public call and directly approach potential candidates on a global scale throughout Europe, America, and Australasia.

The Department said the interview panel "undertook a thorough and detailed shortlisting exercise before interviewing candidates".

Mr Makhlouf was the panel’s recommended candidate.

He is expected to take up the role in September.

Commenting on the nomination, Minister for Finance Paschal Donohoe said: "I am delighted to nominate a person of Gabriel Makhlouf’s international calibre for appointment as Governor of our Central Bank.

"Gabriel has demonstrated his broad and detailed knowledge, of economics, financial markets, monetary policy, and fiscal policy, and has the experience of leading a large and complex public service organisation of 10,000 people (Her Majesty's Revenue and Customs’ Debt Management & Banking Directorate)."

Mr Donohue added that "as Treasury Secretary and Chief Executive of the New Zealand Treasury, he is currently responsible for overseeing reforms of New Zealand’s three macroeconomic pillars (monetary policy, financial stability and fiscal policy), and is an observer on the Reserve Bank of New Zealand’s monetary policy committee.

"He is a leader of the diversity and inclusion agenda in New Zealand’s public and private sectors. He will bring with him this wealth of experience to the role of Governor."

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