DUBLIN — Minister for Finance Paschal Donohoe is set to resign from his Cabinet position and step down as a Teachta Dála (TD) to take up a significant new role at the World Bank in Washington D.C.
Cabinet ministers have been informed of the decision, which follows reports by The Irish Times that Mr. Donohoe has accepted the position of Managing Director, effectively the number two position at the bank. He has notified the Taoiseach and the Tánaiste of his acceptance.
Mr. Donohoe, who has long been associated with roles in the global financial sector and currently chairs the Eurogroup of finance ministers, is the longest continuously serving Cabinet Minister in the current Government.
His resignation as Minister for Finance is slated for Tuesday, with his resignation as a TD expected later this week.
Expressing delight at the news, Minister of State for Migration Colm Brophy TD described the appointment as a “wonderful recognition” of Mr. Donohoe’s international standing and abilities. Speaking on RTÉ radio, Mr. Brophy, who has known Mr. Donohoe since their teenage years in the Fine Gael youth movement, stated he was “absolutely delighted” for his long-time friend.
