Paschal Donohoe is to step down as Minister for Finance and take up a position at the World Bank, the Cabinet has been told.
It is understood that Mr Donohoe has been offered the role of managing director – effectively the number two position at the bank – and he has informed Taoiseach Micheál Martin and Tánaiste Simon Harris that he will accept it.
He will step down from his position as Minister for Finance on Tuesday and resign as a TD later this week.
The board of the bank, the largest development bank in the world, approved the appointment on Monday night.
More to follow.