Then Central Bank has appointed its new deputy governor, with Stefan Gerlach stepping into the role from September.

Swedish-born Mr Gerlach is currently professor of monetary economics and managing director of the Institute for Monetary Policy and Financial Stability at the University of Frankfurt.

The Central Bank has two deputy governors; Matthew Elderfield has responsibility for financial regulation, while Mr Gerlach will step into the role currently held by Tony Grimes, who is planning to retire. He will take up the position on September 1st, and will be responsible for central banking functions.

Central Bank governor Patrick Honohan welcomed Mr Gerlach's appointment, saying he would bring "exceptional skills" to the role.

"His experience across the monetary and economic spectrum and the qualities he has developed over his career are perfectly suited to the new role he is taking on, at what remains a very challenging time," he said.

Mr Gerlach has previously worked with the Bank of International Settlements in Basel, and was chief economist at the Hong Kong Monetary Authority.