Simon Harris replaces Paschal Donohoe as Minister for Finance

Tánaiste Simon Harris has been confirmed as the new Finance Minister after former Minister Paschal Donohoe announced today he is leaving the role to take up a job at the World Bank.

In a statement this morning, Donohoe said he is "departing from public life" in Ireland and is resigning as Minister for Finance "effective immediately" to pursue a new position as Managing Director and Chief Knowledge Officer at the World Bank.

Donohoe's surprise announcement and Harris' subsequent departure from the role of Minister for Foreign Affairs have caused a Cabinet reshuffling.

Helen McEntee is set to take Harris' place, following ten months as Minister for Education and Youth.

The foreign affairs ministry is expected to have a significant role next year, as Ireland is set to on the European Union Presidency.

Hildegarde Naughton — previously Minister of State at the Department of Children and Disability — will move up to take McEntee's position.

To officially take on the role, Naughton go to Áras an Uachtaráin to obtain the seal of office from President Catherine Connolly; this will be one of Connolly's first official acts as President.

Naughton's new role will leave an open spot for a junior minister to be promoted. At the time of writing, no promotions for junior ministers have been confirmed.

Donohoe has said he will officially resign from his role as TD for Dublin Central later this week. He will also stand down as chairman of the Eurogroup of finance ministers.

Taoiseach Micheál Martin praised Donohoe in the Dáil today, saying his election to three terms as Eurogroup president show he is held in "deep esteem" across Europe.

Martin said Donohoe's work "deserves our thanks, respect and appreciation," adding that he wishes Donohoe "the very best" and Donohoe will represent Ireland "with distinction."

Harris released a statement via Fine Gael this afternoon, describing what he says "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," Harris said.

"Paschal’s appointment reflects the regard in which he is viewed on the global stage. 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 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. We wish him every success as he takes on this important new responsibility at the World Bank."

Harris added that later today, he will announce "a number of changes" to the Fine Gael Ministerial team.