The Central Bank has confirmed that Governor Patrick Honohan will tomorrow announce his plans to retire by the end of the year.

His retirement comes a year before his seven-year term as Governor was due to end in September 2016.

A spokesperson for the Central Bank said Minister for Finance Michael Noonan has been made aware of Mr Honohan's plans.

Mr Honohan is due to chair a meeting tomorrow to launch the Central Bank's annual report, with a press conference taking place at 11am. 

Mr Honohan, who is 65, did not appear at today's event in Kilmainham where former ECB head Jean-Claude Trichet answered questions from members of the banking inquiry.

Mr Honohan's two deputies from the Central Bank attended the hearing.

When questioned on Mr Honohan's possible retirement, both said they would not be commenting.

It is understood Mr Honohan will remain in office until the end of the year.