HomeBussinessSharon Donnery to leave Central Bank for ECB role

Sharon Donnery to leave Central Bank for ECB role

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Central Bank deputy governor Sharon Donnery. Photo: David Conachy

Central Bank of Ireland Deputy Governor Sharon Donnery is to leave the bank for a senior European role, a departure that echoes Philip Lane’s move to join the European Central Bank (ECB) five years ago.

Sharon Donnery was the first woman appointed a deputy head of the Central Bank of Ireland, in 2016, as well as the first to serve as interim Governor following Philip Lane’s move to Frankfurt.

The Governing Council of the European Central Bank (ECB) has appointed Sharon Donnery along with two other candidates, Pedro Machado and Patrick Montagner, as the ECB representatives to the Supervisory Board of ECB Banking Supervision, for five-year non-renewable terms.

Sharon Donnery had been Ireland’s member of the ECB’s Supervisory Board.

The move means she will leave her role at the Central Bank of Ireland where it is understood a process to appoint a replacement will begin imminently.

In Ireland Sharon Donnery has most recently been responsible for financial regulation and is one of two deputy governors, along with Vasileios Madouros, who is also members of the Central Bank Commission, effectively the institution’s board.

The law limits the number of deputies who act as ex-officio members of the Commission to two and historically the Central Bank has only had two deputies and one Govenor.

In 2022 a third Deputy Governor, Derville Rowland, who was appointed but without a seat on the Commission.

It is understood the bank plans to continue with its three-deputies structure.

Commenting on her move Sharon Donnery said said he was delighted to have been appointed to the role at the European Central Bank.

“I am excited to be joining an institution of such calibre and standing and look forward to starting my new role at the end of the year.”

She is expected to will remain at the Central Bank of Ireland until late 2024 when she’ll take up her new role.

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