The former Fianna Fail Government minister, Dr Martin O'Donoghue, has been appointed a director of the Central Bank, by the Minister for Finance, Mr McCreevy.

Dr O'Donoghue is replacing Ms Mary Walsh, who has been a director of the board since 1988. There are 10 members on the board of the Central Bank, including the chairman, Mr Maurice O'Connell.

Dr O'Donoghue, is a Fellow Emeritus of Trinity College and former economic adviser to Taoiseach, Mr Jack Lynch from 1970 to 1973. He was Minister for Economic Planning and Development in the Lynch government from 1977 to 1979. During Mr Haughey's brief government in 1982, Dr O'Donoghue was Minister for Education.