Tommy Broughan (Dublin Bay North, Independent)
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81. To ask the Minister for Finance his plans to put forward candidates for president and board members of the European Central Bank; and if he will make a statement on the matter. [3996/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the Eurogroup meeting of Eurozone Finance Ministers on 22 January, the Eurogroup President initiated the procedure for the appointment of a new Vice-President of the European Central Bank with a call for candidacies. The term of the incumbent, Vítor Constâncio, ends on 31 May 2018.  Other board member appointment do not arise until 2019.

With regard to the position of Vice President, the Eurogroup will agree on a candidate on 19 February and ECOFIN will adopt a formal recommendation to the European Council on 20 February.

The European Parliament and European Central Bank will then deliver opinions on the recommendation with the appointment scheduled to be agreed at the European Council on 22 March. The new Vice President will take up their post on 1 June 2018.

I today informed the Government of my decision to nominate Professor Philip Lane, Governor of the Central Bank of Ireland, to the position of Vice-President of the European Central Bank.

Professor Lane’s outstanding economic, financial and policy making record ideally position him to take a seat at the Executive Board of the European Central Bank.  I had previously stated that when and if Ireland puts forward a candidate to the ECB’s Executive Board, they will be an exceptionally well qualified person. There can be no doubt that Governor Lane is such a person of calibre and recognised standing.