The Taoiseach’s former economic adviser Andrew McDowell has taken up his new role as vice-president with the European Investment Bank (EIB).

Mr McDowell, who had been advising Enda Kenny on economic matters since Fine Gael entered office in 2011, is the first Irish member of the bank's nine-person management committee.

His appointment, which comes with an annual salary worth in the region of €270,000, initially drew criticism from Opposition TDs after it emerged in July.

Mr Kenny was accused of attempting to bypass proper procedures in nominating Mr McDowell, a claim he rejected.

Competitive process

In a statement on Thursday, the Government insisted the nomination was made following an "open and competitive process" involving five candidates and managed by the Department of Finance.

Mr McDowell had spearheaded Government economic policy for several years and is credited by Mr Kenny as having played a pivotal role in guiding Ireland out of an international bailout and back on the path to recovery.

Prior to working with the Government, the Smurfit business school graduate was chief economist at the Irish business development agency Forfás, and European deputy editor at the Economist Intelligence Unit.

Mr McDowell said it was an honour and a privilege to join the EIB’s management committee.

"Demonstrating a firm response to the economic crisis the EIB has played a key role unlocking new investment in social and economic infrastructure, improving access to finance and supporting improved economic opportunities both in Ireland and across Europe, " he said.

Owned by EU member states, the Luxembourg-based bank is operated on a non-profit basis, ostensibly to provide favourable loans for sustainable investment projects.

Ireland is entitled to one of the positions on the bank's management committee, which rotates between Ireland, Denmark, Greece and Romania.