The nomination of a successor to outgoing Central Bank governor Patrick Honohan is likely to be settled in the coming days.

Final interviews were conducted yesterday with a shortlist or four candidates, but a decision might not be made until a pre-budget meeting of the Cabinet in the second half of next week.

Those linked to the post include: Robert Watt, secretary general of the Department of Public Expenditure; Philip Lane, Whately professor of political economy at Trinity College Dublin; former acting chief of the financial regulator Mary O’Dea. *

An overseas candidate who is not Irish is also believed to have made the final shake up.

The assessment of Minister for Finance Michael Noonan is pivotal. The Central Bank governor is appointed by the President on the advice of the Government on foot of a recommendation from the finance minister.

The Department of Finance declined last night to comment on the process.

It is known, however, that Mr Noonan will be in Luxembourg next Monday and Tuesday for scheduled talks with euro zone and EU finance ministers.

As a result, he will not attend the weekly meeting of the Cabinet next Tuesday.

As Budget 2016 is to be unveiled October 13th, a further Cabinet meeting will be convened next week to advance the fiscal plan.

Such talks would be preceded by a meeting of the Economic Management Council, the inner Cabinet at which Taoiseach Enda Kenny and Tánaiste Joan Burton settle policy with Mr Noonan and Minister for Public Expenditure Brendan Howlin.

These engagements would provide an opportunity for Mr Noonan to present a name to the Government. The appointment process is being managed by a four-person selection panel.

Selection panel

Its members are: Derek Moran, secretary general of the Department of Finance; former Revenue chairwoman and chairwoman of the Policing Authority Josephine Feehily; former Bank of Ireland chief executive and member of the Central Bank Commission Mike Soden; and head of economics at NUI Galway and member of the Central Bank Commission Alan Ahearne.

Mr Watt, an economist, has been considered the favourite. While he runs a complex organisation, he would have to overcome any concern about returning control of the bank to a civil servant.

The appointment of Prof Honohan, an academic economist, was a break from that tradition.

Prof Lane, highly regarded in economics circles, is considered a strong contender.

Ms O’Dea was Ireland’s representative in the IMF and was posted to the World Bank.

* This article was amended on October 3rd, 2015.