Wednesday, 8 May 2019

Questions (169)

Thomas P. Broughan

Question:

169. Deputy Thomas P. Broughan asked the Minister for Finance when the competition to fill the position of Governor of the Central Bank will be completed; and if he will make a statement on the matter. [19529/19]

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Written answers (Question to Finance)

Subsequent to the Deputy submitting his question, the Government agreed at the Government meeting on 1 May last to nominate Mr. Gabriel Makhlouf for appointment by the President as the new Governor of the Central Bank of Ireland.  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. 

As I stated previously, I am delighted to nominate a person of Mr. Makhlouf’s international calibre for appointment as Governor of our Central Bank.  He 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.  Previously he was Chair of the world’s main tax rule-making body – the Committee on Fiscal Affairs – at the OECD in Paris and was also responsible for the UK’s Government Banking Service.

As Treasury Secretary and Chief Executive of the New Zealand Treasury, he is currently responsible for overseeing reforms of New Zealand’s three macro-economic pillars (monetary policy, financial stability and fiscal policy). 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. 

Mr. Makhlouf’s nomination followed a rigorous and comprehensive international process, which included a public call for expressions of interest, online and media advertising, and an extensive executive search by an external firm 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.

There was a high level of interest in the competition. A short-listing exercise by the interview panel produced 5 candidates (3 male and 2 female), who were chosen to undergo psychometric testing followed by a rigorous final competitive interview.