Trinity Economics professor Patrick Honohan is to be the next governor of the Central Bank.
Professor Honohan will succeed John Hurley who steps down later this month.
The appointment of a Central Bank governor whose background lies outside the senior civil servants is a highly significant departure.
Professor Honohan is an expert on banking, served as an advisor to Fine Gael in the past and has worked with the World Bank.
Labour Party fiannce spokesperson Joan Burton said she welcomed the appointment.
She said Mr Honohan has had an 'extremely distinguished career in Ireland and abroad and has long experience of dealing with banking crises'.
'I hope that his appointment will herald new thinking in regard to governance and regulation of banks and financial institutions', she added.
