Minister Chambers appoints Mr Seamus Coffey as Chair of the Irish Fiscal Advisory Council

The Minister for Finance, Jack Chambers TD, has appointed Mr. Seamus Coffey as the new Chair of the Irish Fiscal Advisory Council.

Mr. Coffey was appointed from a shortlist of candidates following an open competition run by the Public Appointments Service. The appointment fills an ordinary member vacancy and the Chair vacancy which has been carried out by Council member, Professor Michael McMahon, since July 2023 in an acting capacity. Professor McMahon will continue to serve as an ordinary member of the Council. Mr. Coffey’s term of office as a member of the Council begins with immediate effect for a four-year term, with the possibility of reappointment for up to two further four-year terms. This is in line with the Fiscal Responsibility Act 2012, as amended. Mr. Coffey’s appointment as Chair begins tomorrow, 23 August 2024.

Minister Chambers said:

“I wish to congratulate Mr. Seamus Coffey on his appointment as Chair of the Irish Fiscal Advisory Council. I am keenly aware of the important role that the Irish Fiscal Advisory Council plays in our budgetary process. Mr. Coffey brings a wealth of experience to the role of Chair and I know he will continue to ensure that the Council continues to make an important contribution to the public discourse around the many fiscal and economic challenges facing the State.

“I would also like to thank Professor Michael McMahon for stepping into the role of Acting Chair in the intervening period”.

ENDS

Notes to Editor:

1. Short Biography

Seamus Coffey is a lecturer in the Department of Economics in University College Cork. His research and writing focuses on the performance of the Irish economy and the public finances. Seamus was a member of the Irish Fiscal Advisory Council from 2016 and was Chair of the Council from January 2017 until December 2019. In October 2016, he was appointed the independent expert by the Minister for Finance to undertake a review of Ireland's Corporation Tax code. He served on the Commission on Pensions which published its report in October 2021. He is also a member of The National Economic and Social Council, the external advisory board to the Irish Governmental Economic Evaluation Service, and is the current president of the Irish Economic Association. Seamus is a sometime contributor to print, broadcast and online media relating to the Irish economy including fiscal outcomes, corporation tax, household debt, national accounts and other economic issues.

2. The selection process for this appointment was undertaken in accordance with the “Guidelines for appointments to State Boards” published by the Government in November 2014. The vacancy was advertised on Stateboards.ie and managed by the Public Appointments Service.

Details on the Irish Fiscal Advisory Council, including board members, are available at www.fiscalcouncil.ie

3. In February this year, sanction was provided by the Department of Public Expenditure, NDP Delivery & Reform for a per diem rate of €684 for the Chair of the Irish Fiscal Advisory Council, for a maximum of 96 days per annum.

4. Furthermore, it should be noted that in line with the ‘One Person One Salary’ principle, no public servant will be entitled to receive remuneration in the form of board fees, save for situations that are statutorily provided for e.g. Worker Directors. Fees in such cases may be paid to their employers in the form of a time buy-out. Travel and subsistence is payable at appropriate Civil Service rates.