Patrick Honohan’s successor has hard act to follow

IT could be said of Central Bank governor Patrick Honohan, who, surprisingly, will quit the job by the end of the year, that he has done the State some service.

It could also be said that he is leaving when he’s ahead of the game. Going on the bank’s annual report, showing unprecedented profits of €2.1bn last year and bringing its profits over the last six years to €8bn, he could hardly depart on a more positive note. Its handsome profit on trading in bonds means the bank will pay the Exchequer, in other words the taxpayer, a whopping €1.7bn this year.

Characterising the relaxed, if forthright, manner of his relationship with the media and the public during his six-year term of office, a most refreshing trait in a public official, he has given Finance Minister Michael Noonan six months to find the right man or woman to succeed him in this vitally important role. According to Mr Noonan his impending retirement marks the end of an era and leaves an “enduring legacy in his contribution to the stability of the country which is now beginning to strengthen and grow”.