Ireland will not have a representative on the executive board of the European Central Bank, the Department of Finance confirmed today.
The Minister for Finance, Mr Charlie McCreevy, had previously said Ireland was interested in nominatingsomeone for the upcoming vacancy on the executive board of the bank. But a spokesman for McCreevy today said the timing is not right for the move.
"Having determined that none of the most senior people were available and given the quality and standing ofcandidates likely to be nominated by other euro zone countries, the minister decided on this occasion not to nominate an Irish candidate," the spokesman said.
Newspapers reported at the weekend that Ireland was bowingout of a bid for the seat on the six-member board being vacated by Finland's Ms Sirkka Hamalainen.
A decision on her replacement will be taken by EuropeanUnion finance ministers in May. Belgium has already declared a candidate for the post, which is reserved for smaller euro member states.
Austria is also expected to field a candidate, sourcesfamiliar with the situation said.