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Doherty calls on Minister Donohoe to clarify what concerns were expressed by former governors regarding Gabriel Makhlouf

31 July, 2019 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said Minister Paschal Donohoe must re-examine the appointment of Gabriel Makhlouf as Central Bank Governor without prejudice in light of reports that his two predecessors in the post and the ECB expressed concerns about some aspects of the appointment. Deputy Doherty wrote to Minister Donohoe in June seeking such a re-examination.

Deputy Doherty said:

“The latest reports of interventions by the past two holders of the post as well as the ECB require an explanation as to why the Minister has not committed to a re-examination of this appointment. His reply to me this week ignored my request to enter such a re-examination process and also does not answer my query as to the legalities of such a process. In short, his reply doesn’t cut it as far as I am concerned.

“The Minister must clarify publicly what the nature of the comments by former Governors Lane and Honohan were and whether Philip Lane was speaking as a member of the ECB at the time. We are facing into the real possibility of a no-deal Brexit with massive implications for the Irish economy and huge calls to be made by the incoming governor. We need to know whether the people who did the job before him have concerns or not about him in this role.

“The Minister’s reply to me states that ‘He (Mr Makhlouf) will make a further statement on the matter in the period leading up to his appointment’. I am not sure what extra Mr Makhlouf feels he needs to add but, in light of the interventions of his two predecessors, the time to make any such statement is now.

“My colleague Matt Carthy MEP has tabled a question to the ECB on the appointment to ascertain what input they made in the process.

“Ultimately, the State and the Irish people must know that the new Governor is up for the job. The onus is on him and Minister Donohoe to proactively provide this reassurance now, not at some indeterminate later date.” 

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