The Arts Council of Ireland announced last week the creation of The Laureate for Irish Fiction, a new award honoring an outstanding Irish fiction writer and including €150,000 (more than $200,000) in prize money. The Laureate will serve a three-term stint teaching creative writing at award cosponsors University College Dublin and New York University, as well as developing his or her own work and participating in public events.

A winner will be chosen in 2014 based on his or her national and international distinction. Although specific individuals and bodies have not been announced, the Arts Council explained the nomination process will include members of the literary community and other national organizations in Ireland. The judges panel will include a pair of "high profile" Irish and American writers, and members of the Arts Council, University College of Dublin, New York University and media sponsor The Irish Times.

"The Laureate represents a milestone for Irish literature and will place Irish writing at the forefront of global public thought," said Arts Council Chairman Pat Moylan in the official announcement.