Tuesday, 11 June 2019
Department of Finance
Central Bank of Ireland Staff
183. To ask the Minister for Finance the fees paid to the recruiters appointed to run the selection process for the role of Governor of the Central Bank; the cost of the process; and if he will make a statement on the matter. [24291/19]
I propose to take Questions Nos. 183 and 184 together.
The appointment of the Governor of the Central Bank is provided for under section 19 (1) of the Central Bank Act 1942 (as amended). The Government recommended the appointment of Mr. Makhlouf as Governor of the Central Bank to the President following a comprehensive, open, and international process.
The process included a public call for expressions of interest, a comprehensive search using independent executive search firm Merc Partners, a rigorous shortlisting of applicants, psychometric testing of final interview candidates, and a final interview of five candidates.
Mr. Makhlouf was the recommendation of the independent interview panel.
Merc Partners were engaged to undertake the executive search on behalf of the Department of Finance following a tender process. An invitation to submit a proposal to assist the Department of Finance in the nomination process for the role of Governor of the Central Bank was issued to selected firms under the Public Appointments Service Framework Agreement.
The overall cost of the process was €70,236 (including VAT), which included expenses for a number of candidates and interview panel members. For comparison, the cost of the process to select Governor Lane in 2015 was €63,748 (including VAT).
The interview board comprised:
- Derek Moran, Secretary General of the Department of Finance as Chair of the Board;
- Patricia Byron, a sitting member of the Central Bank Commission;
- Nick MacPherson, the Former Permanent Secretary to HM Treasury; and,
- Josephine Feehily, Chairperson of the Policing Authority.