Published Tuesday, 28 June 2011
The Mid-Ulster MLA will take up the post under the DUP's William Hay after a deal was struck between the two parties to let Mr Hay remain in his position.
The newly appointed deputy speaker faced opposition from the Ulster Unionist Party and TUV leader Jim Allister.
UUP leader Tom Elliott said: "I am actually surprised at Sinn Féin and in particular Mr Molloy taking up such a post as a job for the boys here in this Assembly, but clearly they seem to have bought into this entire process and we will be opposing it."
Mr Molloy came under criticism after he told a Stormont committee last Wednesday that when Linfield manager David Jeffrey saw him and party colleague Barry McElduff in a restaurant last year, he walked out.
Mr Molloy made his remarks during a Community Relations Council presentation.
Mr Elliott asked him to stop and when he continued, he suspended the meeting.
The UUP leader has written a letter of complaint to the speaker and claimed it raised question marks about his fitness for office.
Sinn Féin West Belfast MLA Jennifer McCann nominated Mr Molloy, who has been a councillor for 26 years, and said he had proved his impartiality as Dungannon mayor and deputy speaker in the last Assembly.
"Since 2007 he has carried out his duties in an impartial manner and has ensured that members from all parties have been respected and had their say," she added.
DUP members used parliamentary privilege at Westminster to allege that Mr Molloy was involved in IRA activities during the conflict.
TUV North Antrim MLA Mr Allister said: "May that salutary lesson ring in the ears of those who today troop through (the lobbies) and prick whatever conscience remains as they do the bidding and the abasement of taking whatever action it takes to keep Sinn Féin happy in this house.
"So I say to each one of them, shame on you for the actions which you are about to take."