Central Bank announces retirement of Chief Economist and appointment of IMF representative

26 May 2017 Press Release

Central Bank of Ireland

The Central Bank has today announced the intention of Chief Economist Gabriel Fagan to retire later this year.

Dr Fagan has served as Chief Economist since 2014, prior to which he worked in a number of key roles in the European Central Bank, European Monetary Institute and the Committee of Governors in Basel. In his role as Chief Economist, he is a member of the European Central Bank’s Monetary Policy Committee.

Governor Philip R Lane paid tribute to Dr Fagan, stating: “Gabriel has had a very distinguished career in economics and made a significant contribution both to the work of the Central Bank and the wider Eurosystem, where he made substantial analytical contributions in the fields of econometric modelling and monetary analysis. He strengthened the output of the Central Bank’s economic analysis and played an important role in shaping our macroprudential policy. His expertise and advice will be missed, and we are extremely grateful to him for his work.”

Dr Fagan said: “I have greatly appreciated working with exceptionally talented and committed colleagues at the Central Bank. The Bank’s commitment to the mission of safeguarding stability and protecting consumers is even more critical in the period ahead, as the effects of Brexit begin to materialise. The Central Bank is well placed to deal with these and other emergent risks. I am confident that it will continue to provide economic advice that is forward-looking, independent and robust.”

Dr Fagan will step down from his position no later than Quarter 4 of 2017. The process to fill the Chief Economist role will commence in due course.

The Central Bank has also announced that Anne Marie McKiernan will leave her role as Registrar of Credit Unions, having been appointed Special Advisor (International Relations) to the Governor of the Central Bank. In this new role, Anne Marie has been nominated by the Minister for Finance to be Ireland’s Alternative Executive Director at the International Monetary Fund for the period 2017-2020, which takes effect from 1 September 2017.

Ed Sibley, Director of Credit Institutions Supervision, will assume the role of Acting Registrar of Credit Unions from 1 July 2017, pending the recruitment process for the role.

The Central Bank has also confirmed the appointment of Martin Moloney as Special Advisor (Policy & Risk). In this role, he will provide global strategic advice in the area of regulatory and supervisory policy. Martin is currently Head of the Markets Policy Division.