An extensive national and international executive search process was undertaken to identify suitably qualified candidates in Ireland and abroad for the position of Governor of the Central Bank of Ireland. Public calls for applications were published on the Department of Finance, Central Bank and Public Appointments Service websites, as well as an advertisement being placed in the Financial Times. A leading executive search firm with international reach, Merc Partners, managed responses to these calls, and ran a parallel search process contacting over 100 relevant parties (potential candidates and people that could recommend potential candidates).
From these processes, 17 candidates were short-listed and underwent preliminary interviews, eight of whom are based overseas. A breakdown of those employed in the private sector is not available. After considering the short-list of candidates and receiving briefing from the recruitment agency, the interview panel selected four candidates for final interview (two of whom were based overseas).
The position of Governor of the Central Bank is of unique importance to the Irish financial system and the Irish economy. As such it was vital that the search and selection process was wide-ranging and rigorous, so as to employ the best candidate in this key role. For this purpose, the Department of Finance engaged Merc Partners. The Central Bank was not involved in the recruitment process as under section 19 of the Central Bank Act 1942, the appointment is made by the President on the advice of the Government. A final invoice is awaited for the services provided by Merc Partners, so I am not currently in a position to furnish to the Deputy the amount paid for these services.
