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PASCHAL DONOHOE RESIGNED from Cabinet yesterday and is now headed to a prominent position within the World Bank.

Donohoe is stepping into the role of managing director and chief knowledge officer, a new position which effectively makes him the Bank’s number two.

The outgoing number two, Axel van Trotsenburg, is due to retire at the end of the month, which created the vacancy.

Speaking to RTÉ this morning, Donohoe said he was leaving politics for a “once in a lifetime opportunity”.

It’s also an opportunity that will see him benefit from a sizable pay increase.

As of 2023, van Trotsenburg earned an annual net salary of $475,230 (€410,000).