PASCHAL DONOHOE has resigned from his position as Ireland’s finance minister to take on a new senior position at the World Bank.
The Fine Gael politician, who has been a TD since 2011, told colleagues in Government of his decision earlier this week.
He will stand down from his position as TD for Dublin Central later this week and he will also be stepping down as president of the Eurogroup, a position he has held since 2020.
Mr Donohoe will now become managing director and chief knowledge officer at the World Bank, which is based in Washington DC.
Confirming his resignation, Mr Donohoe said his time in Government has been a “great honour”.
“My election to Dáil Éireann and the opportunity to serve in the Government of Ireland have been the greatest of honours, for which I will always be grateful to the people of Dublin Central and beyond,” he said.
“In more than twenty years of public life, my goal, always, has been to make a difference to our country, for the benefit of our people,” he added.
“I have served in four different governments, since July 2014, with much of this time as Minister for Finance and Minister for Public Expenditure.
“In these offices my aim has been to build a better and fairer Ireland through careful management of our economy and public finances. I have done my utmost to discharge this duty in the long-term interests of our people.”
Finance Minister Paschal Donohoe pictured after announcing his resignation to take up a senior position at the World Bank (Pic: Rolling News)Mr Donohoe also claimed it a “great honour to serve as President of the Eurogroup”.
“This work has allowed me to see, first-hand, the immense value and benefit of our membership of the European Union,” he explained.
“The opportunity has now presented itself for me to further contribute to this cooperation at a different level,” he added.
“I will soon be taking up the role of Managing Director and Chief Knowledge Officer of the World Bank Group, based in Washington DC.
“I am therefore departing from public life in Ireland.
“I have informed my Party Leader and Tánaiste, Simon Harris, of my intention to resign as Minister for Finance, effective from today. I will also tender my resignation to Dáil Éireann later in the week.
“The importance of international cooperation in meeting the needs of the most vulnerable and rising to the global challenges of our time has never been greater.
“The mission of the World Bank is to ‘end extreme poverty and boost shared prosperity on a liveable planet’.
Taoiseach Micheál Martin congratulated Mr Donohoe on his new role.
“I also thank Paschal for his years of public service, in particular as a government minister since 2014,” he said.
“An honourable and committed colleague, I always worked very well with Paschal, and we cooperated closely throughout the COVID pandemic,” he added.
“Together, the innovative approaches adopted during the pandemic underpinned the Irish economy, as well as during many other challenges, such as Brexit and the invasion of Ukraine.”
He added: "The Government remains focused on delivering on the Programme for Government we agreed at the start of this year, and I wish Paschal all the very best in his new role.”
Yesterday Tánaiste Simon Harris was appointed Ireland’s new Finance Minister, with Helen McEntee taking on his former Minister for Foreign Affairs and Defence roles.
