Paschal Donohoe confirms resignation 'effective immediately'
Paschal Donohoe has confirmed that he is resigning from the government to take on a new job at the World Bank.
The outgoing Minister for Finance announced the news on Tuesday (November 18), saying that he’s ‘departing public life’ and will be resigning from his role as minister ‘effective immediately.’
He added that he will be resigning as a TD for Dublin Central later this week, opening the door to a by-election.
Paschal Donohoe and Jack Chambers. Pic: Leah Farrell / © RollingNews.ie
Mr Donohoe will take up a job as the Chief Knowledge Officer and Managing Director at the World Bank, which provides low-interest loans to developing countries. He will also be stepping down as the Chairman of the Eurogroup of Finance Ministers.
Fine Gael is set to confirm who their new finance minister will be on Tuesday evening.
In a statement following Mr Donohoe’s resignation, Fine Gael leader and Tánaiste Simon Harris admitted that it’s a day of ‘mixed emotion’ despite him anticipating Mr Donohoe’s departure.
Pic: Leah Farrell / © RollingNews.ie
‘This is a position of significant international standing, and is a testament to Paschal’s integrity, expertise, and the high esteem in which he is held both at home and abroad,’ Mr Harris said. ‘While I always knew this day would come, it is a day of mixed emotion.
‘It is a moment of sadness for the Fine Gael family, but it is also a moment of great pride for Ireland. Paschal’s appointment reflects the regard in which he is viewed on the global stage.
‘Over more than two decades in public life, Paschal Donohoe has served with unwavering dedication — as a Senator, a Teachta Dála, and as a Minister in a number of key portfolios,’ he continued. ‘He has played a central role in successive Governments, serving as Minister for European Affairs, Minister for Transport, and Minister for Public Expenditure and Finance.’
Pic: Leah Farrell / © RollingNews.ie
‘Throughout his tenure, Paschal has exemplified the highest standards of public service. His calm and capable stewardship helped guide Ireland through some of the most challenging periods in our recent history — including Brexit, the Covid-19 pandemic, and a period of global economic uncertainty.
‘His prudent management of the public finances has underpinned Ireland’s recovery and growth, ensuring that our economy remains resilient and our society continues to prosper. Across ten Budgets and three National Development Plans, he has demonstrated exceptional judgement and patience. The healthy state of the public finances are a testament to his careful stewardship of the economy.
‘Paschal has always placed the national interest above all else. He has been a voice of reason and stability,’ Mr Harris continued, before paying a personal tribute to Mr Donohoe.
Pic: Leah Farrell / © RollingNews.ie
‘For Fine Gael, he has left an undeniable legacy. He has been an integral part of the success of this party over the past decade. For the people in Dublin Central, his impact is evident all across the constituency. Whether that be the advancement of the Luas, or the bustling TU Dublin campus in Grangegorman or the establishment of the North East Inner City Taskforce, he has played a crucial role in transforming the heart of the capital city.
‘For me, he has been someone who has been a source of wise counsel, and a valued friend. This will not change. I will miss his good humour on the good days, the optimism on the hard days, and his unrelenting support on the worst of days.
‘On behalf of Fine Gael, and the Government, I want to thank Paschal Donohoe for his exemplary service. This country is all the better for his service.’
Cllr Ray McAdam, Lord Mayor of Dublin, also paid tribute to Mr Donohoe, saying ‘Paschal’s contribution to Irish politics has been immense. As a Minister in governments led by Enda Kenny, Leo Varadkar, Micheál Martin and Simon Harris, he has brought the same qualities to every table: seriousness of purpose, intellectual rigour and a deep sense of public duty.
‘As Minister for Transport, Tourism and Sport, he helped support a recovering economy and a growing tourism sector. As Minister for Public Expenditure and Reform, and later as Minister for Finance and Minister for Public Expenditure, NDP Delivery and Reform, he steered our public finances from crisis to stability – restoring budget surpluses, underpinning the National Development Plan and managing unprecedented corporate tax receipts with long-term prudence rather than short-term politics.
‘In Europe, as President of the Eurogroup, he has ensured that Ireland’s voice has carried real weight at the heart of the euro area, shaping decisions that will resonate for years to come.
‘Paschal has been an intellectual powerhouse for both party and country – always better prepared than anyone else in the room, always willing to do the hard work, and always focused on how decisions made in Government Buildings would affect lives in our own streets and neighbourhoods.
‘Budgets he crafted, choices he made about investing in our economy, our infrastructure and our public services, and the steady way in which he approached shocks like Brexit and the pandemic will be remembered long after the day-to-day noise of politics has faded.
‘On a personal level, I want to thank Paschal for his friendship, his advice and his unwavering support over almost two decades. I simply would not have achieved what I have in Dublin Central without him. It has been one of the great honours of my political life to work with him for the people we serve. While Paschal is leaving the Cabinet table and the Dáil chamber, I have no doubt that he will continue to contribute to public life and to the wider debate about Ireland’s future.
‘For now, I wish him, Justine and their family every happiness and I say simply: thank you, Paschal, for all you have done for Dublin Central and for Ireland.’
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