Central Bank’s chief economist Gabriel Fagan to step down

The Central Bank's chief economist Gabriel Fagan is to step down later this year.

Dr Fagan, who has been in the position since 2014, played a key role in shaping the bank’s macroprudential policy, which led to the introduction of tougher mortgage-lending rules in 2015.

As chief economist, he has also served as a member of the European Central Bank’s monetary policy committee.

Central Bank governor Philip Lane paid tribute to Dr Fagan, saying he had strengthened the output of the Central Bank's economic analysis.

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“His expertise and advice will be missed, and we are extremely grateful to him for his work,” Prof Lane said.

Dr Fagan said: “The bank’s commitment to the mission of safeguarding stability and protecting consumers is even more critical in the period ahead, as the effects of Brexit begin to materialise.”

Special adviser

The bank said Dr Fagan would step down from his position no later than fourth quarter of this year and that the process to fill the role would commence in due course.

The Central Bank has also announced that Anne Marie McKiernan will leave her role as registrar of credit unions, having been appointed special adviser on international relations to the bank’s governor.

In her new role, Ms McKiernan has been nominated by Minister for Finance Michael Noonan to be Ireland's alternative executive director at the International Monetary Fund for the period 2017-2020, which takes effect from September.

Ed Sibley, director of credit institutions supervision, will assume the role of acting registrar of credit unions from July, pending the recruitment process for the role.