Bank of Ireland has announced the appointment of Michael Torpey as chief executive of its corporate and treasury division.

He will also become a member of the bank’s executive committee.

Mr Torpey has previously held senior positions in the National Treasury Management Agency and in the Department of Finance. He will join the bank in his new role at the end of March 2013.

“In his roles in the NTMA and Department of Finance, Michael Torpey has played critical roles in the restructuring of the Irish Banking system,” Bank of Ireland said in a statement.

Minister for Finance Michael Noonan has welcomed the news, saying he expects Mr Torpey to continue to make a valuable contribution to the Irish banking sector.

"I would like to take this opportunity to wish Michael every success in his new role in Bank of Ireland. As the Head of the Shareholder Management Unit in the Department Michael has been fully committed to resolving the banking crisis in Ireland and has contributed greatly to the restructuring of the Irish Banking sector,” he said.

Mr. Noonan also stated that the appointment highlights the increased mobility between public and private sector jobs.

“Michael's departure is an example of this increased mobility and I am sure that many more highly skilled individuals will move in both directions between the public and private sectors in the months and years ahead."