THE CHIEF OF New Zealand’s national treasury has been appointed as the new governor of the Central Bank of Ireland.

Gabriel Makhlouf was chosen to succeed the outgoing governor, Philip Lane, following his appointment to the executive board of the European Central Bank from 1 June .

As well as chief of New Zealand’s treasury department, Makhlouf also held the post of the government’s chief economic and financial advisor.

Minister for Finance and Public Expenditure, Pascal Donohoe said his “international calibre” and “wealth of experience” would be a benefit for Makhlouf in the role.

“Gabriel has demonstrated his broad and detailed knowledge of economics, financial markets, monetary policy, and fiscal policy, and has the experience of leading a large and complex public service organisation of 10,000 people,” he said.

“Previously he was Chair of the world’s main tax rule-making body – the Committee on Fiscal Affairs – at the OECD in Paris and was also responsible for the UK’s Government Banking Service.

“As Treasury Secretary and Chief Executive of the New Zealand Treasury, he is currently responsible for overseeing reforms of New Zealand’s three macroeconomic pillars.

“He is a leader of the diversity and inclusion agenda in New Zealand’s public and private sectors. He will bring with him this wealth of experience to the role of Governor.”

He is set to take up his role as governor of the Irish Central Bank in September 2019, before which a temporary interim governor will take up the position once Lane steps down next month. 

A government statement said there was a high level of interest in the role and selected the successor following a shortlisting process.