There is a report in the Ireland edition of The Times today which I did not think could possibly be true. Perhaps the Taoiseach might clarify the position. The position of Governor of the Central Bank of Ireland will become vacant if, as expected, Philip Lane is appointed as chief economist of the European Central Bank on 21 March. It is reported that the name of a former Fine Gael special adviser is being floated in senior political circles as a possible replacement for Mr. Lane. I ask the Taoiseach whether the Central Bank is now to be politicised. Ultimately, it will involve a Government decision following a selection process. Will the Taoiseach clarify whether he intends to appoint Mr. Andrew McDowell to the position of Governor of the Central Bank? What procedure does the Government intend to follow in the selection process?

I record my congratulations to Philip Lane on his pending appointment as chief economist at the European Central Bank.

Hear, hear.

It is a very important role and Mr. Lane will be one of only six people on the executive board. It is good to have an Irish person among the six key decision makers at the European Central Bank. He was a very good appointment to the Central Bank of Ireland a number of years ago. We have not yet had a chance to decide what procedure will be used to select a new Governor of the Central Bank. I anticipate that there will be a proper process involving an advertisement in order that people can apply for the job and that there will be a system of interviews, but the procedure to be used has not yet been decided.

That concludes questions on promised legislation. Seven Deputies were not reached.