New Central Bank governor Philip Lane sends YouTube message to staff

New Central Bank Governor Philip Lane has said he will be a regular user of blogs and video messages for communicating with staff, as he took to YouTube to deliver a message to employees on his first day in charge.

Bloomberg reports that while vowing to make the institution “a modern, progressive central bank,” his initial aim is to ensure continuity from Patrick Honohan’s governorship, which ended on Wednesday after six years.

In the video posted today, Mr Lane said: “Patrick’s contribution as governor was critical for the bank and for Ireland.

“While not all of the decisions we make will be popular or easily understood, they will be in the public interest, safeguarding financial stability and protecting consumers,” he added.

Mr Lane, who will attend his first European Central Bank policy meeting in Frankfurt next week, gave nothing away on his monetary views.

The ECB’s Governing Council will decide whether it needs to ramp up stimulus again as the current €1.1 trillion bond-purchase plan and record-low interest rates struggle to revive consumer prices.

Plucked from Trinity College Dublin’s economics department, the 46-year-old takes charge as the Central Bank defends its move to curb mortgage lending earlier this year to prevent another bubble as home prices recover.

He is the second consecutive academic to be picked for the role, breaking a long-standing tradition of selecting from within the higher ranks of the civil service.

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