Saturday 22 October 2016

TCD academic takes top Central Bank job

Professor Philip Lane
Professor Philip Lane

The Government has appointed a highly-regarded academic with international consulting expertise but little discernible management experience as the new Central Bank governor.

Professor Philip Lane (46) of Dublin's Trinity College will take over from Patrick Honohan, who is set to retire next month. Finance Minister Michael Noonan announced the appointment yesterday after a recruitment drive that attracted more than 100 applicants from home and abroad.

Prof Lane, who holds a PhD in economics from Harvard, has been teaching in Trinity since the late 1990s, where he came from Columbia University in New York.

He has served as an academic consultant to numerous global economic bodies, including the International Monetary Fund, the World Bank, and the Organisation for Economic Cooperation and Development.

The Department of Finance said Professor Lane has been appointed, with immediate effect, to the Central Bank Commission, to allow for his attendance at both meetings of the European Central Bank and Central Bank Commission. However, although Professor Honohan is due to retire next month, a final date has not yet been set. He remains a member of the ECB's governing council.

Finance Minister Michael Noonan said Prof Lane's "outstanding economic, financial and policy-making record" meant he was the right man for the job.

"Prof Lane was chosen as the Government's nomination to the position of Governor following an extensive national and international executive search process," he said.

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