Vol. 530 No. 6
64 Mr. Bell asked the Minister for Finance if it is intended to extend the term of office of the current Governor of the Central Bank; if legislation will be required to facilitate this; and if he will make a statement on the matter. [4655/01]
Article 19.1 of the Central Bank Act, 1942, states that "The Governor shall be appointed by the President on the advice of the Government." Last week the Government decided to seek the reappointment of the current Governor, Mr. Maurice O'Connell, for a further term in office. A key factor in making this recommendation to the President was my desire that the current Governor would continue in office in order to oversee the transition to the euro, which will be implemented early next year. As the 1942 Act provides for reappointment, no additional legislation is required. The Governor has agreed to his reappointment to oversee the introduction of the new currency.
