The Department of Finance has confirmed that Trinity College economics professor, Patrick Honohan is to be the new governor of the Central Bank, succeeding John Hurley who steps down later this month.
The appointment of a governor whose background lies outside the senior civil service is seen as a significant departure.
Professor Honohan is an expert on banking and has worked as an adviser to Fine Gael Taoiseach Garret FitzGerald and with the World Bank. He has also worked at the ESRI, the IMF and as an economist at the Central Bank.
Late last year, Professor Honohan delivered the Michael Littleton Memorial Lecture on RTÉ Radio 1. Listen to his lecture on the international financial crisis here .
He is currently Professor of International Financial Economics and Development at Trinity, a post he has held since April 2007.
Finance Minister Brian Lenihan said Professor Honohan was highly regarded internationally as an expert on banking and financial systems. The Minister said his experience would be of enormous value in working through the difficulties faced by the Irish financial system.
'Throughout this financial crisis I have sought the views Professor Honohan and he has consistently provided valuable advice. I look forward to working with him in his new role,' said Mr Lenihan.
