THE CABINET HAS approved new procedures for the appointment of the new governor of the Central Bank of Ireland. 

Taoiseach Leo Varadkar said it is expected that Irish Central Bank governor Philip Lane will be approved to join the European Central Bank’s executive board tomorrow. 

With tomorrow’s expected announcement, Lane is due to step down as governor in June to take a role with the European Central Bank.

Varadkar told reporters today that the job vacancy for the new Central Bank governor will be openly advertised.

A board made up of two men and two women will carry out candidate assessments, before putting one name forward for government approval. 

Until recent years, there has been a “historical precedent” for the outgoing Secretary General of the Department of Finance to get the job, said the Taoiseach today. 

However, this tradition ended with the appointment of former Central Bank governor Patrick Honohan in 2009.

The Taoiseach said today that such an assumed tradition “continues to be ended” with the roll out of the new procedure. 

There has been speculation that the Secretary General of Finance and Public Expenditure Robert Watt is considering going for the job as the new Central Bank governor. He previously went for the job, but lost out to Lane. 

Watt has been in the headlines this year for rubbing members of the Oireachtas Committees. Watt was accused of calling the committee “a mob”.

Watt was questioned about his remarks a mere 4o minutes later, but said he didn’t recall saying it. He then went on to stated that he did not mean to offend anyone.