Mr Coffey's four-year term as chair of the budget watchdog came to an end on December 31 and the University College Cork economist is believed to have turned down a second term. 

The chair of Ifac, which is on a statutory footing, is chosen by a finance minister, which means that a new appointment won't be made until a new government is in place.   

The work of Ifac wilkl continue, a spoesman for the Department of Finance said. 

Mr Coffey was noted for the Coffey report preared for the Department of Finanec into the sustainability of corporate finance receipts.