The Minister for Finance, Mr McCreevy, said yesterday the Government had not yet had the chance to give consideration to the nomination by France of Mr Jean-Claude Trichet to head the new European Central Bank. Despite the French nomination, early soundings here suggest that Mr Wim Duisenberg, the current Dutch head of the European Monetary Institute - the precursor to the bank - is still the hot favourite to get the job.

Speaking to journalists at a meeting of finance ministers, Mr McCreevy welcomed the suggestion made last week by the German Chancellor, Dr Helmut Kohl, that a seat on the bank's governing board should be left open for Britain even if it did not join the single currency in the first wave.

The membership of the bank's board will be nominated when it is set up formally on May 1st next year at the same time as leaders decide which countries will participate in the euro. The Maastricht Treaty requires that the board consists of between four and six members.

The nomination of the bank's head is likely take place later, in June or July, sources here said yesterday.

Mr McCreevy said the issue of Ireland seeking a place on the board had not yet been discussed by the Government but a case could be made for a reserved seat for small countries. He would welcome discussions along such lines.

"The UK is a major factor in the European economy, and it would be appropriate for a seat to be reserved for it," Mr McCreevy said.