In 1998 O'Donoghue became a director of the Irish Central Bank and is currently a Fellow Emeritus of Trinity College Dublin, having retired from his career as a Lecturer and Associate Professor of Economics there.
In 1998 O'Donoghue became a director of the Irish Central Bank, serving with this and its successor body until the end of April 2008. He is currently a Fellow Emeritus of Trinity College Dublin, having retired from his career as a Lecturer and Associate Professor of Economics there.