Paschal Donohoe to step down as minister for finance

Sources say Paschal Donohoe is poised to leave Cabinet, with an announcement expected today and a World Bank role anticipated

Finance minister Paschal Donohoe. Picture: Leah Farrell/© RollingNews.ie

Finance minister Paschal Donohoe will step down from Government today.

Cabinet is due to meet at Government Buildings today, with sources telling The Irish Examiner that an announcement is expected in the coming hours.

Mr Donohoe will take up a role as Managing Director of the World Bank and his departure will see something of a Cabinet reshuffle.

That is believed to see Tánaiste Simon Harris take on the role of Finance Minister, Peter Burke move to Foreign Affairs and the Enterprise brief come from a promotion within the Fine Gael ranks. 

There are already eyebrows being raised in Fine Gael over suggestions that Mr Harris could take on the finance portfolio, with some questioning where he will find the time to be finance minister, Tánaiste and party leader.

Fine Gael sources suggest that there is a belief within the party that super junior minister Hildegarde Naughton could be in line for a promotion to a senior ministry.

Other names in the mix include junior ministers Alan Dillon John Cummins, Neale Richmond, and Emer Higgins.

However, some suggested that the fact that Mr Richmond's constituency bordering Jennifer Carroll MacNeill's could exclude him.

Mr Donohoe has long been linked with roles in the global financial world and is the current chair of the Eurogroup of finance ministers. 

One source said there is "substance" to rumours linking finance minister Paschal Donohoe with such an announcement.

A source said that out of respect for the minister involved they would not elaborate, but that "you won't have to wait very long" for an official announcement.

Mr Donohoe, 51, has been a TD for Dublin Central since 2011.