Stefan Gerlach is to step down as the deputy governor of the Central Bank.

Mr Gerlach will step down from the position by the end of the year, as he plans to return to Switzerland to pursue other interests.

“It has been an extraordinarily challenging and interesting time to be involved in the many issues that the Bank has faced,” Mr Gerlach said.

“I believe the Central Bank has made a major contribution to the ongoing recovery of the Irish economy and to setting it on a firm path of financial stability,” he added.

Central Bank governor Patrick Honohan said Mr Gerlach’s broad experience across the monetary and economic fields was put to very good use in the Bank.

“In addition to his contribution across the monetary policy, economics and financial operations areas, he has been a very valuable member of both the Central Bank Commission and the senior management team at time of significant organisational change.”