Recruitment firm, Merc, has been appointed by the Department of Finance to select candidates to be considered for the Central Bank vacancy, though the appointment is the formal responsibility of the President.

Finance Minister, Michael Noonan said he expected a shortlist of candidates to emerge by September, after the summer political recess.

Given the nature and experience of the candidate they are seeking, they may need to give a significant period of notice before being able to take up the position.

Speaking at the launch of the National Treasury Management Agency’s Annual Report, the Minister confirmed it would be the spring or summer of 2016 before AIB would be refloated on the stock exchange and that the Government had no current plans to reduce its 14 percent holding in Bank of Ireland.

The NTMA’s Annual Report shows that the value of the Agency’s defined benefit cost obligations for employees rose from €79m to €123m during 2014.