There are five members of the Council including the Chair. The members were appointed by the Minister for Finance based on their experience and competence in domestic and international macroeconomic and fiscal matters. The current Council has a strong international dimension with three members based outside of Ireland.
Initial appointments to the Council have been made on a staggered basis with terms of office ranging from two to four years. Thereafter the standard term of office will be four years. Council members cannot serve more than two consecutive terms but are eligible for reappointment at a later time.
Council members may resign at any time during their term of office by official letter submitted to the Minister for Finance.
The Minister may terminate appointments in certain circumstances provided that a resolution stating the grounds for such is passed by Dáil Éireann. The Council’s governing legislation sets out the circumstances where this may happen:
- A member is unable to effectively carry out their duties due to ill-health.
- A member has committed stated misbehaviour.
- The Minister deems that there is a significant conflict of interest.
A person is disqualified from being appointed to the Council, or their appointment will cease if they are adjudicated bankrupt, have made a composition with creditors, are convicted of offences, have had a declaration under Section 150 of the Companies Act 1990 made against them, or have been subject to a disqualification order under Part VII of that Act.