Minister for Finance Paschal Donohoe has resigned from his role in Government to take up a position at the World Bank.<\/p>\n
In a statement, Mr Donohoe confirmed that he is “departing from public life” in Ireland and is resigning as Minister for Finance “effective immediately”.<\/p>\n
He confirmed that he will stand down as a TD for Dublin Central later this week.<\/p>\n
Mr Donohoe will take up the second most senior position in the World Bank, as Managing Director and Chief Knowledge Officer.<\/p>\n
The organisation’s president is Ajay Banga and the bank provides low interest loans to developing countries.<\/p>\n
Mr Donohoe will also stand down as chairman of the Eurogroup of finance ministers.<\/p>\n
It is understood that a new Fine Gael finance minister will be announced this evening.<\/p>\n
T\u00e1naiste and Fine Gael leader Simon Harris said it is a day of “mixed emotion”.<\/p>\n
In a statement, he said: “While I always knew this day would come, it is a day of mixed emotion.<\/p>\n
“It is a moment of sadness for the Fine Gael family, but it is also a moment of great pride for Ireland. Paschal’s appointment reflects the regard in which he is viewed on the global stage.”<\/p>\n
Read More: Mr Harris said Mr Donohoe has “always placed the national interest above all else” and for Fine Gael “he has left an undeniable legacy”.<\/p>\n He confirmed that he will announce a number of changes to the Fine Gael ministerial team later today.<\/p>\n Mr Donohoe, 51, has been a TD for Dublin Central since 2011.<\/p>\n His ministerial career began in 2013 when he served as a minster of state and was appointed as minister for transport, tourism and sport in 2014.<\/p>\n He became Minister for Public Expenditure and Reform in 2016 and was appointed Minister for Finance in 2017.<\/p>\n Minster of State Alan Dillon said Mr Donohoe’s resignation is a “significant development”.<\/p>\n “It’s now a matter for the party leaders. T\u00e1naiste Simon Harris has always emphasised stability and continuity in Government and I know he will approach this transition with the same focus,” he said.<\/p>\n Minister of State Colm Brophy said he was delighted for Mr Donohoe.<\/p>\n Speaking on RT\u00c9’s Today with David McCullagh, Mr Brophy said he has known him for years and years and this is a wonderful recognition for him.<\/p>\n Mr Brophy said it will lead to some interesting times for Fine Gael on a national level.<\/p>\n Meanwhile, the Lord Mayor of Dublin has said he will consult family and supporters about the possibility of contesting the Dublin Central by-election, which will be triggered by Mr Donohoe’s resignation.<\/p>\n Ray McAdam is a close ally of Mr Donohoe’s and it is widely expected he will contest the seat vacated by his political mentor.<\/p>\n Mr Donohoe won his seat in the 2011 general election after unsuccessfully contesting a 2009 by-election in the constituency following the death of Tony Gregory.<\/p>\n In last November’s election, Gerard Hutch came close to winning a seat in the constituency.<\/p>\n","protected":false},"excerpt":{"rendered":"Minister for Finance Paschal Donohoe has resigned from his role in Government to take up a position at…\n","protected":false},"author":2,"featured_media":146433,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,43,40,38,41,39],"class_list":{"0":"post-146432","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-headlines","9":"tag-news","10":"tag-top-news","11":"tag-top-stories","12":"tag-topnews","13":"tag-topstories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/146432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=146432"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/146432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/146433"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=146432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=146432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=146432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
No time wasted as rumours over Donohoe successor swirl<\/a>
Live updates – follow developments following the resignation of Paschal Donohoe<\/a><\/p>\n