Suggestion looms for new Central Bank man

Cantillon: Paschal Donohoe poised to question dual role occupied by Gabriel Makhlouf

Central Bank of Ireland:  its directors were concerned about the “reputational damage” caused by controversy surrounding their new governor.  Photograph: Alan Betson

Central Bank of Ireland: its directors were concerned about the “reputational damage” caused by controversy surrounding their new governor. Photograph: Alan Betson

Documents released by the Central Bank of Ireland and the Department of Finance suggest there could be some interesting times ahead between Gabriel Makhlouf and the commission, or board, that oversees the regulator.

Briefing notes prepared for the Minister for Finance Paschal Donohoe in advance of meeting Makhlouf (previously a high-ranking New Zealand official) during the summer included a section about the latter’s dual role as governor and chairman of the Central Bank Commission. It is suggested that Donohoe say the dual role is “complex and would not be permitted in any of the institutions that you regulate”.

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