"Mr Gray's broad experience and expertise will undoubtedly contribute significantly to the important work of the Central Bank and the Financial Regulator, " Minister Cowen said.

Gray has served on several company boards including the Irish and European boards of Canada Life.

He holds primary post-graduate degrees in economics and has published extensively on economic issues. He edited International Perspectives on the Irish Economy, which included a contribution from Nobel Prize winner Kenneth Arrow.

Gray has worked for the European Commission, Pricewaterhouse and several government comisssions.

Gray replaces Friedhelm Delz, who retired.