Department of Finance secretary general resigns unexpectedly

John Moran resigned unexpectedly as secretary general of the Department of Finance yesterday, just 26 months after taking up the role. He will continue in the position until a successor is appointed in the coming months.

Mr Moran has not disclosed precisely what his future plans are but he told colleagues yesterday that it was time for a new challenge.

In a note to staff in the department yesterday, Mr Moran said: “I returned to Ireland in 2010 wanting to assist in the task of restoring Ireland’s destroyed banking sector and economy to health. I had always viewed this as a mission with a fixed purpose not a long-term venture.

“I would never then have expected to be asked to play such a central role and have been very honoured to play my part as head of this department. I believe it is now an opportune time to hand over the baton to a successor who can continue the job well under way.”

Departure flagged
It is understood that around Easter Mr Moran flagged to Minister for Finance Michael Noonan that he was considering leaving his post.

Mr Noonan said he had accepted Mr Moran’s resignation with “great regret” as he had played a “leading role in recapitalising the banking sector and restoring the economy at a very difficult time”.

“I valued his counsel during those very difficult times,” Mr Noonan added.

Mr Moran is likely to be quizzed on his resignation today when he appears before the Oireachtas Public Accounts Committee for the annual review of the department's activities.

Mr Moran returned to Ireland in 2010 to head up wholesale banking supervision at the Central Bank. In March 2011 he was seconded to the Department of Finance, where he was second secretary in charge of banking before becoming secretary general in March 2012.

A lawyer by training and a former investment banker by trade, Mr Moran is credited for his deal-making skills.

In his time at the department he has overseen the purchase of a stake in Bank of Ireland by a group of international investors; the liquidation of Irish Bank Resolution Corporation; the sale of Irish Life to Canada's Great-West Lifeco; and Ireland's exit from the EU-IMF bailout without the need for a precautionary credit line.