Former governor of Central Bank Maurice Doyle dies aged 77

MAURICE DOYLE, former governor of the Central Bank and a former secretary of the Department of Finance, has died aged 77 after an illness.

Born in Dublin in 1931, Mr Doyle attended O’Connell’s CBS and went on to gain an economics degree from UCD. This was followed by a law degree from King’s Inns, and in 1953 he joined the civil services as an administrative officer.

He spent two years in the Revenue Commissioners before beginning work on the first national development plan under TK Whitaker in 1958. His abilities noted, he was soon appointed assistant principal in the Department of Finance, rising to assistant secretary in 1971, second secretary in 1976 and secretary of the department from 1981 to 1987.

He was the Irish representative on the Economic Policy Commission of the OECD and the EC, led the Irish team on negotiations to establish the European Regional Development Fund, and was elected first vice-chairman of the EC’s regional policy committee. He also represented Ireland at the international negotiations that led to the establishment of the International Energy Authority.

He was appointed Central Bank governor in May 1987 and held the position until May 1994, when he was succeeded by Maurice O’Connell. During his tenure at the bank he was responsible for the handling of the 1992 currency crisis in which he opposed the devaluation of the punt.

As a member of the Delors Committee, he was heavily involved in preparations for the establishment of the European Economic and Monetary Union (EMU), while he was the first vice-president of the European Monetary Institute, the precursor to today’s European Central Bank (ECB).

After leaving the Central Bank he became president of the ESRI for a time and was a director of a number of companies, including Citibank Europe.

He lived in Clonskeagh, Co Dublin. His wife Mavis predeceased him and he is survived by their four children – Susan, David, Jonathan and Ruth.

The governor of the Central Bank, John Hurley, paid tribute to Mr Doyle’s achievements yesterday, extending his sympathies to Mr Doyle’s family. “It is with great regret that I learned of the death of Maurice Doyle,” Mr Hurley said.

“He was at the centre of economic and monetary developments at a time of very significant change both in Ireland and Europe, and he performed his role with great distinction and integrity,” Mr Hurley said.

He said Mr Doyle had been a “very effective” governor.