The ‘tree of gold’ sculpture by artist Eamonn Doherty, which sits outside the bank’s current headquarters on Dame St, will remain in situ despite speculation last year that it was to be incorporated into its new offices in the Dublin Docklands.

Central Bank chief operations officer Gerry Quinn said the decision had been taken not to relocate the sculpture based on external advice and significant internal assessment.

Its external consultations included discussions with artists and architects which revealed a strong desire for Crann an Óir to stay in its current location when the Dame St site is sold, said a Central Bank spokesperson.

“The decision regarding Crann an Óir remaining in place was arrived at after careful consideration with local stakeholders and the wider arts and architectural community, where the strong consensus was that the artwork is an integral part of the fabric of the plaza and an important site- specific installation,” the spokesperson said.

“When the artist Eamonn O’Doherty was commissioned by the Central Bank, it was to create Crann an Óir as a site-specific artwork and the strong consensus among key stakeholders was that it should stay on the [Dame Street] plaza.

“We will seek to have Crann an Óir remain in place as part of the sales process.”

Central Bank Governor Philip said the sculpture would remain “central to the brand of the bank”.

It has also been confirmed that a separate artwork will be commissioned for the North Wall Quay offices which is expected to be completed in late 2016.

Reports in February 2015 indicated that the bank intended to move the artwork at the cost of €500,000.

It is believed the estimated cost was accurate, despite a Central Bank official dismissing it as “ridiculous” at the time.

Mr O’Doherty, a Derry sculptor who died in 2011, was commissioned to create the artwork after a nationwide competition in 1991.

The Central Bank commissioned the project to mark the occasion of Dublin becoming the European City of Culture that year.

The tree symbolises growth under careful management and the role of the Central Bank in protecting and husbanding the wealth of the country.